“We understand that this variable rate, which ranges between 0% and 8%, would better accompany the copper price cycle and global demand and, in that sense, would give more predictability to companies and investors,” said Alfredo Vitaller, director general of Josemaria. Deprominsa, the company that owns Josemaría, could be the first to join the new export rights regime, since it is optional. The megaproject is in the pre-construction stage, and construction could begin in September, which will require more than 8,000 jobs. With an investment of US$4.1 billion, it will once again export copper from the port of Rosario starting in 2026, for a period of 19 years.
Grupo Lundin was the first to express itself, above all because it is the most advanced. Because it is the only one that has an environmental impact assessment, it is in a position to request fiscal stability in AFIP, as established by the mining promotion law. However, now the government awaits the opinion of three other millionaire projects: Mara, from Yamana Gold, Taca Taca, from First Quantum Minerals and Los Azules, from McEwen Mining. Together with Josemaría, the investments would add up to US$13,065 million.
As this newspaper learned, there are good expectations about what these giants will say. On the trip made last week by government officials and 6 governors, there were meetings with Yamana Gold and First Quantum Minerals. The “good reception” of the advertisements, according to Ámbito, had to do with the fact that it is an optional regime. With international prices falling to the current ones, withholdings would go to 0%, while with an increase, they would reach 8%. Today they are fixed at 4.5%.
On the other hand, the Government also held important meetings in Canada. The Secretary of Mining, Fernanda Ávila, and the Secretary of Tax Policies, Roberto Arias, met at the Toronto Stock Exchange with 30 CEOs from different companies. In addition, Ávila held a meeting with the Australian giant BHP, one of the largest in the world. Last February, they began to invest in Filo de Sol, in San Juan, a gold, copper and silver project, and they anticipated that they could continue investing. BHP is behind the exploitation of Minera Escondida, the largest private copper mine in the world.
However, as this newspaper learned, export duties are not the only factor that companies look at. Exchange restrictions play a central role for companies that plan to invest over US$3 billion. That is why they are also closely studying decree 234, in order to be able to secure the foreign exchange for the repayment of credits and the payment of dividends. From the economic team they assure that decree 234 is fully valid, and that in the last month the first certificate was granted, precisely for a mining company (Liex).
Source: Ambito
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