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Economy, Mining

joint agreement, Falklands, iron ore, tungsten, mica

Although the country has a variety of mineral deposits, including petroleum, coal, and a number of metals, mining has been relatively unimportant in the economy. In recent decades, however, production of petroleum and coal, in particular, has increased significantly. In terms of value, the chief mineral product is petroleum. In 1999 production of crude petroleum was 312 million barrels, furnishing the country’s needs and allowing Argentina to become a net energy exporter. In September 1995 Argentina and the United Kingdom signed a joint agreement covering oil and gas exploration in a specially designated zone southwest of the disputed Falkland Islands. The two countries agreed to establish a commission that would oversee the licensing of companies seeking to explore the waters, the division of royalties, and the implementation of worker safety and environmental protection measures. The next month, Argentina began auctioning oil exploration licenses for areas just outside the disputed waters, between Argentina and the Falklands. Argentina also produces significant amounts of natural gas. Relatively small quantities of coal, iron ore, gold, silver, lead, zinc, tin, tungsten, mica, and limestone are mined.



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joint agreement, Falklands, iron ore, tungsten, mica, limestone, barrels, zinc, Argentina, commission, recent decades, silver, gold, gas exploration, mining, economy, lead, countries, month, United Kingdom, areas

 
 

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