Miners may invest US$5b in Argentina with new president, new rules

Buenos Aires

SOME of the world's biggest miners are ready to spend at least US$5 billion in Argentina if October's presidential elections herald an easing of capital restrictions.

Goldcorp Inc, the largest gold miner by market value, billionaire Ivan Glasenberg's Glencore plc and Yamana Gold Inc are among producers signalling new investments in the country if the next government is more receptive to the industry, according to the country's industry association and provincial and company officials.

President Cristina Fernandez de Kirchner restricted imports and repatriated export revenue since she was re-elected in 2011. She created currency controls that hurt international mining companies and led Brazil's Vale SA to cancel a US$5.9 billion potash project in the country. Th…