The Wall Street Journal: Argentina Extends Mining Capital Repatriation Time Frame

  

  Finally, we have some positive news from Argentina!

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The Wall Street Journal:

Argentina Extends Mining Capital Repatriation Time Frame

BUENOS AIRES--Argentina has extended the amount of time for mining companies to bring export revenue into the country, lifting the tight deadline that had virtually shut down mine exports.

Most mining companies will now have 120 days to repatriate the funds, according to a resolution published in the official bulletin Monday. The time frame was granted on a case-by-case basis for each company.

Under new regulations implemented earlier this year, mining companies were given just 15 days to exchange their export revenue for Argentine pesos on the local foreign exchange market. That was later extended to 30 days, but miners complained that it was impossible to comply with. Most mine output is shipped by sea and payment is received much later than 30 days from when the goods are loaded.

Argentina's mine exports have virtually ground to a halt starting mid-May due to the requirements.

Metallic mineral exports fell 80% to $28 million in May, while exports of precious metals and stones fell 71% to $61 million, according to government data.

The longer time frame is "a step in the right direction," although certain companies may need even more time, said Ignacio Randle, mining attorney at the firm bearing his name.

The new regulations allow companies to request exemptions in particular cases, he pointed out.

The change implemented Monday is also positive in that it "shows that the government understands the seriousness of the situation," Randle said.

-Write to Shane Romig at shane.romig@dowjones.com"