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Shares in Pan American Bank of America rose 8.6% in New York after Argentine provincial lawmakers paved the way for the company's $1 billion Navida silver mine, the highest level in May.
Lawmakers at Chubut voted Wednesday for a zoning law that would allow mining in the province's Gastre-Telsen area, where the Vancouver-based company has been planning to mine silver.
"this is the first step after 19 years of waiting for the zoning law," Pan am regional manager Ricardo Zarandon said in an interview.
Global mining companies will keep a close eye on Mr Chubt's move as Argentina's provinces have been bickering for decades and have been unable to tap huge mineral resources because of environmental opposition and political infighting.
The next step, Zarandon said, was to get Mariano Alcioni (Mariano Arcioni), the governor of Chupte, to enact the law and publish the specific rules needed to implement it within 90 days.
"then we will have the legal documents to assess the project, complete the environmental impact study and apply for our permission," Zarandon said.
