In recent hours, the Government has carried out extensive consultation with the different sectors of the economy in the search for a greater amount of dollars that will allow us to decompress the pronounced increases in implicit prices. Not only, as Ámbito reported yesterday, did it ask the oil companies to explore the possibility of settling future exports in advance based on the new conditions of the so-called “Vaca Muerta dollar.” A consultation has also been given to the main mining companies that are active in Argentina to evaluate the possibility of a “mining dollar”.
At least two sources from the mining sector, representatives of the main companies that are active in our country, told Ámbito that those consultations carried out by the Treasury Palace, in some cases, were even transferred to the headquarters abroad. . Said in Creole, Subsidiaries that have local operations are asking their counterparts abroad to measure what amount of dollars they can raise to liquidate in the coming days and weeks, whether it is the product of an export already carried out or an advance payment of said sale abroad. Strictly speaking, there is a third variant that is being evaluated, this is, that the investments they plan to make in the coming months can be made, under advantageous conditions, in the coming weeks.
Mining exports closed 2022 with an amount close to US$4 billion. The forecasts are that 2023 will end practically in the same line, that is, about US$350 million per month on average. Howevermining companies have ready investments for about US$ 30,000 million, which are divided into US$ 24,000 million for copper projects that are already underway or about to begin and another US$ 6,000 million for lithium.. The problem expressed by sources in the mining sector is that the parent companies ask the subsidiaries for an analysis of the Argentine macro context and some explanations linked to the brake on imports of inputs that, in terms of investment, in principle, are marginal. Added to this, they point out, are the references to financial volatility. Therefore, one might think that, based on what has been stated, it seems unlikely that it will prosper, at least in the short term.
The CCL dollar that companies use to send foreign currency abroad yesterday surpassed the barrier of $900 per dollar, while the blue touched $850 on the day. The BCRA sold US$80 million in the exchange market and marked its second negative balance in a row, after breaking a 35-round positive streak on Tuesday, in which it managed to acquire US$1,655 million. In parallel, as stated, the Government is negotiating the early settlement of crude oil exports in order to decompress the tensions that were evident in recent days in the financial market. The country’s main oil producing companies are currently holding talks with the small table of the Treasury Palace to consider this possibility. In fact, it would be the first time that the sector would seek the implementation of this measure, which, however, has already been applied in the past among grain exporters.
The Government has just made official the launch of the Vaca Muerta dollar, valid until Friday, October 20, of the program that provides for a differential exchange rate for exports from the hydrocarbon sector. The rule provides for the expansion of crude oil exports carried out through cross-border pipelines of the Export Increase Program, which was created through Decree 576/2022, for the implementation of the soy dollar 1, which was later renewed several times. .
In the Treasury Palace, the idea was to add mining exports, beyond promoting exports from the hydrocarbon sector., with a focus on the development of Vaca Muerta and the strengthening of the reserves of the Central Bank (BCRA). And, for these purposes, and as established with the oil sector, I would be willing to promote an exchange rate that could be in the $500 area.. The methodology applied is that of the soybean dollar 4, so, as in that case, it is contemplated that 75% of the import settlements included in the Vaca Muerta dollar must be entered through the official exchange market (MULC) and 25%, through the Cash With Settlement (CCL) market. The same would happen with the mining companies, if the proposal prospers.
Source: Ambito
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