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Uruguay Mining
Mining has never played an important role in Uruguay's
economy. However, Uruguay has exported granite and marble.
In
addition, semiprecious stones have been found in quantity.
Investment in mining activities was expected to reach at
least
US$200 million during the first half of the 1990s. After
Uruguay's General Assembly passed legislation allowing
foreign
investment in mining, two companies, Canada's Bond
International
Gold and Brazil's Mineração e Participação (Mining
Copartnership), announced plans to search for gold,
silver, and
other metals. Bond International Gold was given exclusive
rights
to develop the Mahoma gold mine, expected to produce more
than
900 kilograms per year. Part of the project was to be
financed
through a debt-for-equity conversion program. The National
Mining
and Geology Institute indicated that at least fourteen
other
areas in the country might contain deposits of precious or
base
metals.
Data as of December 1990
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