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336395

LATAM POLITICS TODAY-Ecuador indigenous community rejects mining on their land after court ruling

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Brazil's Lula on mission to improve foreign ties

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Argentina mulls reinstating soybean exchange rate -source

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U.S. sanctions target Russian involvement in Guatemalan mining

Nov 18 (Reuters) - The latest in Latin American politics today:

Ecuador indigenous community rejects mining on their land after court ruling

Ecuador's Shuar Arutam indigenous people said they will not allow mining on their territory, threatening a large copper mining operation, after a court ruled their rights to prior consultation were violated.

Indigenous community leaders gathered in Puyo argued that the court ruling annulled the environmental license held by ExplorCobres SA, a unit of China's CRCC-Tongguan Investment.

Conservative President Guillermo Lasso is betting on the mining sector to boost the economy, with exports projected at $3 billion this year. However, court rulings and referendums favoring local communities have hampered the plans.

From COP27 to Portugal, Brazil's Lula on mission to improve foreign ties

Brazil president-elect Luiz Inacio Lula da Silva traveled from the climate summit in Egypt to Portugal to tell officials that his country is back to "normal" as he strives to improve foreign ties and Brazil's image abroad.

In Portugal, Lula met President Marcelo Rebelo de Sousa and Prime Minister Antonio Costa.

During right-wing President Jair Bolsonaro's four years in office, Brazil's ties with many other countries frayed, not least because Amazon deforestation soared under his watch.

New Brazil government could add fiscal commitment in waiver proposal

Lula's transition team could include a new fiscal framework commitment in Brazil's proposed constitutional amendment, the leader of his Workers Party said.

The commitment for a new fiscal anchor would be included in a proposed amendment that exempts nearly 200 billion reais ($37 billion) in social spending from the country's budget cap and has been spooking investors, who argue it could push public debt to record levels and force a monetary policy shift.

Lopes added that, beyond the new fiscal framework, the government should also revise the fiscal responsibility law enacted in 2000 to include 10-year goals related to poverty, inequality and education.

Argentina mulls reinstating soybean exchange rate -source

Argentina is considering reinstating a special exchange rate for soybean producers in a bid to boost exports, a government source with knowledge of the plan told Reuters, as the country needs grains export dollars to replenish its reserves.

A government-spurred soybean export push in September helped bring in some $8.16 billion in hard currency reserves for the country, according to Economy Minister Sergio Massa.

The reserves are sorely needed to make future payments to the International Monetary Fund and private creditors, buffer the peso currency and allow importers to buy supplies.

U.S. sanctions actions target Russian involvement in Guatemala's mining sector

The U.S. Treasury Department issued sanctions targeting Russian involvement in the Guatemalan nickel sector, according to a statement.

The sanctions target Compania Guatemalteca de Niquel ProNiCo and Mayaniquel, Guatemalan-based subsidiaries of Solway Investment Group.

The Treasury also sanctioned Dmitry Kudryakov, who leads Solway's mining operations in Guatemala, and a Belarusian national over allegations they led bribery and corruption schemes. (Compiled by Steven Grattan; Editing by Richard Chang and Grant McCool)

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