Argentina's biodiesel production fell 37.2% (163,012 mt) in November year on year, as exports plunged, while ethanol output held steady over the same period on sustained demand for the gasoline additive, a report from the Energy Secretariat shows. The decline came as a 6.1% rise in domestic consumption of biodiesel for a 10% blend in diesel to 99,854 failed to offset a 58.9% drop in exports to 60,000 mt, the secretariat said.
Argentina's manufacturing industrial production index (manufacturing IPI) showed a 1.2% year-on-year rise in December, after 19 months in red, said the National Institute of Statistics and Census (INDEC). In spite of that, the accumulated of the year 2019 presented a 6.4% drop compared to the year 2018. The seasonally adjusted index showed a positive variation of 1.1% with respect to the previous month and the trend-cycle series index registered a negative variation of 0.5% against November.
Argentina’s Senate voted unanimously in favour of a bill that grants power to the government of President Alberto Fernández to handle a massive debt restructuring of bonds issued in foreign currency. Buenos Aires is grappling with ca. $100 billion in sovereign debt it is seeking to restructure with its creditors, including the IMF. An IMF technical mission is expected to arrive in Argentina on Feb. 12 to continue talks.
The London-based precious metals explorer ECR Minerals PLC has sold its Argentinian subsidiary Ochre Mining SA, which holds the SLM gold project in the province of La Rioja, to Chinese-owned Hanaq Argentina SA, in order to focus on the company's core gold exploration activities in Australia. ECR retained a net smelter return royalty of up to 2%, to a maximum of $2.7 million in respect of future production from the SLM gold project.
Five turbines of the first wind power project in the Argentine province of Neuquén will start generating electricity at the end of March, according to AES, the USA company leading the $140 million project with capacity to generate 100 MW. In June, all 29 wind turbines of Neuquinos I Winds will be operational, as agreed with Nordex Acciona, the firm that hired AES for the work.