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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (3456)	5/2/2002 2:25:24 AM
From: ms.smartest.person	Respond to of 39344

Govt. optimistic on mining development - Paraguay Tuesday, April 30, 2002 18:28 (GMT-0300) Paraguay's mining sector is developing well despite being in a country with no mining tradition, unlike other countries in the region, mines and energy deputy minister Luis Antonio Servin told BNamericas. "There are good prospects but, above all, we hope there will be good results and we believe by the end of the year Paraguay will have taken a big step forward in terms of extracting some minerals and, soon, diamonds," Servin said. Due to the economic crisis in the region, above all in Argentina, big companies are taking a look at Paraguay. Many international firms are visiting the country and Ontario-based Rex Mining is already carrying out diamond exploration. "Other companies are exploring for oil and gas now that prices are going up," Servin added. Apart from Rex, Canada's Morrison Mining company is undertaking gold exploration, and in some areas there is cobalt, nickel and silver exploration activity, he said. LEGISLATION A bill to reform current mining legislation will be sent to Congress shortly for approval, the government official said. "We hope it will be passed this year. So things look good investment-wise. Judicial security and the many advantages of this new law should persuade companies to take an interest in Paraguay," he added. By Harvey Beltran BNamericas.com