YCRT to reveal US$10mn investment by year-end
Bnamericas Published: Tuesday, December 16, 2003
Argentine coal miner Yacimientos Carboniferos Rio Turbio (YCRT) will announce by the end of the month details of a US$10mn investment plan for its operations in Santa Cruz province, YCRT director Carlos Alanis told BNamericas. "We will announce the investment plan by the end of the month at the latest," Alanis said. YCRT plans to bring the mine's production to maximum levels to export coal. Currently the coal company is producing at a rate of 300,000t/y after being closed for several years, during which time its machinery received no maintenance. It exported 20,914t in September and another 23,457t in early November as part of a contract agreed in August with Dutch company SG Energy. In June last year the Argentine government took back control of YCRT from a private concessionaire. Under a contract signed in 1994, the state promised to pay an annual US$22.5mn subsidy, while the concessionaire would supply 370,000t/y to the San Nicolas power generation station in Buenos Aires province.
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