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January 23, 2008 |
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* URUGUAY: Paper Mill Not Hurting Argentina, Latest Study Says A report from the Green Cross Organization said that the paper mill constructed along the river border between Argentina and Uruguay is not causing pollution, confirming the results of a previous environmental study made by the National Environment Directions, Prensa Latina relates. The non-governmental organization's study was for the period Oct. 11 to Dec. 20, 2007. The US$1.2 billion paper mill, constructed by Metsa-Botnia Oy, represents Uruguay's biggest foreign investment, which published reports said will add 2% to its GDP. The mill caused a serious rift between Argentina and Uruguay's relationship. The two governments have long argued over the effects that a paper mill would cause on the river's habitat as well as the communities, like Colon and Gualeguayhu, near it. Uruguay originally approved the construction of two mills by Metsa- Botnia and Empresarial Ence SA. Once the conflict escalated, Ence decided to move its mill's location away from the river. Botnia however, continued building on the original site. Uruguay presented studies that ensure the safety of the river, but the Argentine government and environmentalists argued and protested to the contrary. The Uruguayans claimed in reports that the protests and blockades staged against it caused serious economic losses to the country. Because the parties were not able to settle the issue, they sought the International Court of Justice in The Hague's intervention. While the complaint awaits a final decision from the Court, Spanish King Juan Carlos I acted as a mediator in an attempt to reconcile the two parties. However, the Spanish monarch's efforts were not met with success. Meanwhile, the latest Green Cross study did not stop Argentine protesters to continue with their cause. According to a report from Merco Press, pickets are still held in Fray Bentos against the Botnia plant while bridges leading to Uruguay are still blocked. * * * On Sept 11, 2006, Fitch rated Uruguay's US$400 million issue of 5% inflation-indexed bonds payable in U.S. dollars and maturing Sept. 14, 2018, at 'B+'. |
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