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Argentina rescinds Famatina mining concession

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July 3, 2013 10:26 PM EST | AP

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BUENOS AIRES, Argentina — Argentina's La Rioja province is rescinding the concession for the Famatina gold mining project after widespread environmental protests.

The Telam state news agency said Wednesday that the provincial government and the Montreal-based Osisko Mining Corporation signed a contract to rescind their 2011 agreement.

The provincial government said a string of protests by activists protesting environmental damage since late 2011 blocked development of the gold mine.

The Famatina project area covered a 15.4 square mile (40 square kilometer) area and the original agreement called for $10 million in exploration in the first year.

Osisko's site says the company operates the Canadian Malartic gold mine in Quebec. It also continues its exploration work on the Hammond Reef Project in Northern Ontario, the Kirkland Lake Project in Northeastern Ontario, and other projects.