Mining News - March 2023

Legislative News
 

General Resolution No. 3/2023 issued by the Public Registry of Commerce, published in the Official Gazette on March 8, 2023

This resolution repeals sections 377 and 378 of the General Resolution IGJ No. 7/15. It also establishes the requirements for authorizing operations as a legal entity and the operating rules for non-profit organizations incorporated abroad.

General Resolution No. 5333/2023 issued by AFIP, published in the Official Gazette on March 14, 2023

This resolution implements the Tax Registry of Mining Activities, part of the special registries of the Tax Authority’s (AFIP) registral system, which will come into effect on April 3, 2023.

This Resolution establishes the following withholding regimes:

            1. a value added tax withholding regime for suppliers of mining companies.

            2. an income tax withholding regime.

The resolution also establishes an information regime for holders of exploration and drilling rights.

Resolution No. 32/2023 issued by the Secretariat of Mining, published in the Official Gazette on March 14, 2023

This Resolution extends for 4 years the validity of Resolution No. 6, dated January 31, 2019, issued by  the former Secretariat of Mining Policy, which approved the procedure and conditions for using the Income Tax benefits established by the Mining Investments Law No. 24196.

Resolution No. 21/2023 issued by the Secretariat of Mining, published in the Official Gazette on March 15, 2023

This Resolution extends for 4 years the validity of Resolution No. 30, dated December 27, 2018, issued by the former Secretariat of Mining Policy, which established the procedure registering before the Mining Investment Law Registry, in section 2, Law No. 24196.

 

Mining in the Media
 

“State of the Union 2023: gas, oil, lithium, and energy transition, axes of Alberto Fernández's speech”, news published in Economía Sustentable on March 1, 2023

During the opening of the 2023 legislative sessions, President Alberto Fernández emphasized that “we are making great strides in the exploitation of lithium, of which, together with Bolivia and Chile, we have 60% of the world's reserves”, and expressed his willingness to work together with the provincial governments and the private sector to add value and create more jobs.

“Copper fever in Argentina attracts a large energy producer” news published in Perfil on March 6 ,2023

One of Argentina's largest energy producers is looking to get in on the country's copper boost, as the race for key metals in the global energy transition speeds up.

Central Puerto S.A. wants to take non-operating stakes in copper projects. The Buenos Aires-based firm is analyzing three projects in the provinces of San Juan, Santa Cruz, and Salta, and has received from the attention of a mining company to form a partnership.

“According to the Government, mining exports, especially lithium, could increase sixfold”, news published in Tiempo Argentino on March 6, 2023

The Secretary of Mining, Fernanda Ávila, stated before investors and global companies in Canada that by 2030 Argentina’s mining exports could increase fivefold, and its lithium production sixfold in the next years. She highlighted that the development of this activity will boost economic growth and transform the country's productive matrix.

The Secretary headed the local delegation at the Prospectors and Developers Association of Canada (PDAC) 2023, one of the most important mining expositions in the world, held every year in Toronto, Canada. The Secretary of Energy, Flavia Royon, and governors of producing provinces were part of the Argentinian delegation as well.

“Lithium exports boom: following the rising prices, they grew 236% during 2022”, news published in Infobae on March 08, 2023

The demand for the mineral has multiplied in the last years, and international prices are on an upward trend. Argentina has been expanding in this market for several years.

Argentinian exports had a historic 2022, after reaching USD 88,446 million in turnover for the first time. As every year, soybean and corn were the sectors that had the greatest impact on the overall balance -together they exported USD 34,417 million-, but this time lithium was the product that grew the most in proportion.

According to INDEC's “export complexes” report, in 2022 Argentina issued invoices for USD 696 million in lithium exports, resulting in a 236.2% growth compared to the USD 207 million in 2021, with a difference of USD 449 million.

“Mining investments for USD 11.3 billion were announced in the last three years” news published in Telam on March 11, 2023

Mining activity in Argentina has received, since the beginning of 2020, investment announcements for more than USD 11.3 billion, destined for projects in different stages of execution; for exploration, construction, or expansion works; for exploiting metalliferous and lithium resources linked to the high demand of the energy transition and electromobility.