China is strengthening its precious metal resource development in Latin America as a strategic asset to hedge against the U.S. dollar, says an analyst.
Dump trucks and bulldozers operate at Barrick Gold Corp’s Veladero gold mine in San Juan province, Argentina April 26, 2017. Reuters/Marcos Brindicci/File Photo
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China’s Shandong Gold and Canada’s Barrick Gold have submitted an application to the Argentine Ministry of Economy to add an investment of $400 million to their jointly controlled Veladero gold mine.
The investment plan submitted to Argentina’s Large Investment Incentive Scheme earlier this month aims to increase the mine’s total production to 1.6 million ounces between 2025 and 2028.
Alex Wu is a U.S.-based writer for The Epoch Times focusing on Chinese society, Chinese culture, human rights, and international relations.
