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Mining in ArgentinA
32
Why Argentina
table of contents
WHY ArgentinA
Overview
Renewed investment ecosystem
Reemerging on the Global Stage Strengthening Institutions and Transparency
Mining Information and Transparency
Infrastructure & Energy
Mining Integration and Complementation Treaty between Argentina and Chile
DOing BUSineSS in mining
Main fiscal and legal issues of the mining industry
Ownership obtention procedures for mining concessions
Exploration & Mining Exploitation
Mining Investment Law: Promotional regime of the mining sector
Transparency, facilitation and cost reduction in administrative procedures
mining in ArgentinA
Main mining operations
Exploration projects
Advanced projects
Early stage prospects
Mining Portfolio
Investment Key Players
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54M
InIn
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south america
Overview
Northeast- agricultural products:
rice, soy, corn- mining: semi-
precious stones- Forestry
Northwest- agricultural
products: soy, corn, sugar cane
- mining: lithium, gold, silver, copper, borates
- Gas
cuyo- mining: copper,
gold, silver, lime- agricultural
products: olive, vine
PamPas- agricultural products:
soy, wheat, maize, sunflower, peanut
- cattle raising- mining: cement,
industrial minerals and rocks
PataGoNia- Fish- Fruits- Petroleum / shale oil /
shale gas- mining: gold, silver.
uranium
Jujuy
Salta
Tucumán
Santiagodel Estero
CatamarcaChaco
Formosa
Misiones
Corrientes
EntreRíosCórdoba
SantaFe
SanLuis
SanJuan
La Rioja
Neuquén
Río Negro
Chubut
Santa Cruz
La PampaBuenos Aires
Ciudad de Buenos Aires
Mendoza
Tierra del Fuego
argentina is rich in copper, gold,
silver, zinc, lead, molybdenum,
lithium and more.
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POLITICS & GOVERNMENT
SYStem Of gOvernmentFederal republic with three branches of government within stable democratic
framework. Executive (President), Legislative (Congress) and Judiciary
(Supreme and lower courts).
COngreSSDivided into two houses: the Senate and the House of Representatives
which constitute the legislative branch. Members are elected by popular vote.
The Constitution entitles Congress to enact the codes concerning civil, commercial, criminal, mining, labor
and social security matters, which are applicable throught the country.
feDerAl gOvernmentThe country is divided
into 23 provinces plus the autonomous city of Buenos Aires. Provinces have their
own constitutions and executive, legislative
and judicial branches of government. In addition, each province is divided into administrative units (i.e. municipalities) which are not autonomous but have their own budgets
and administrative structures.
age distribution:25.5% under 1564.3% betweenages 15-6510.2% over 65
Population:40+ millions inhabitants
Federal republic divided into 23 provinces grouped into 5 regions.
englishProficiency:High
Population density:14.4 inhabitant per km2
OfficialLanguage:Spanish
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renewed investment ecosystem
The government promoted laws to foster investment and employment, amongst which is the Small and Medium Enterprises Law and the Auto Parts Law, the Public–Private Partnership Law and the Entre-preneur Law. Sanction of the Knowledge Economics Act that promotes software development and tech-nological innovations. It is also making headway in the national Productivity Plan to propel production, accelerate growth and achieve full employment and better quality of life for our citizens.
In December 2017, a tax reform has been santioned (Law 27.430) introducing changes to favour investment.Argentina has agreements to avoid double taxa-
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UpCOming
Cultural Patronage Law — tax incentives for private companies to finance cultural projects.
transparency in Public Works Law — stipulates a requirement that all the administrative steps for public works must be made public.
Argentina has launched different tendering process to double its available generation capacity, with the target of adding +21 GW by 2025. Almost half of this additional capacity will come from renewable sources (specially wind and solar). To enable this generation capacity target, the government has put in place a tendering process to double the power line, and increase the capacity of the high voltage grid, aiming to reach the “sweetest spots” of renewable energy sources. The mining industry will benefit from this initiative because Argentina’s mining and renewable source potential share the same region.
AlreADY implementeD
Capital Markets Law
Antitrust Law
income tax reduction for corporations
reduction of Labor risk Law
new import regime (“SiMi”) — clarification of goods requiring non-automatic import licenses, all other goods require only an automatic license.
rural Land Law — implementation of a more flexible system for productive use of rural land by foreigners.
tax Amnesty Law — tax incentives for Argentines to repatriate assets held abroad and invest in Argentina’s economy.
SMe Promotion Law — reduction of income tax and increase in financing options for SMEs.
Automotive Parts Production Law — incentives for automotive industry when buying local production.
Access to Public information Law — stipulates a requirement that all public information requested of the government be provided (or denied with a specific reason) within 15 days.
Central Bank s autonomy reinstaiment
LegaL changes to promote foreign investment
tion with regard to taxes imposed on total income or total capital, or any part of them, including taxes on profits derived from the dispose of movable or immovable property, as well as those on capital re-valuation, required in each of the contracting states.
These Agreements were signed with Germany, Australia, Austria, Belgium, Bolivia, Brazil, Canada, Denmark, Spain, Finland, France, Italy, Mexico, norway, the netherlands, the United Kingdom, Russia, Sweden, Chile and Switzerland. In addition, on December 1st of 2018, within the frame-work of the G20 summit held in Buenos Aires, an agree-ment was signed with the People’s Republic of China.
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reemerging on the global Stage Strengthening institutions and transparency
• G20 2018 BA Summit. Argentina’s motto: “Building consensus for a sustainable and
equitable development”
• organisation for economic co-operation and Development (OECD) – Nomination
• intergovernmentaL forUm on Mining, Minerals, Metals and Sustainable
Development (IGF). Argentina as Latin America Executive Board representative
• mines ministries of the americas conference (camma) – Public Policy framework for
mining
• mining integration and complementation treaty between Argentina and Chile
• extractive industries transparency initiative (eiti) – Member
• open government partnership – cima (Argentina Mining Information Center) launched
Argentine is looking forward to
increase transparency throughout
all its activities. We strongly
believe that a public information
system contributes to enhance
competitiveness in the Argentine
mining sector.
CIMA
The mining cadastres of twelve provinces -Jujuy, Salta, Catamarca, La Rioja, Mendoza, neuquén, Río negro, Santa Cruz, Córdoba, Chubut, Tucumán and Santiago del Estero- are now available for on-line query. This allows consulting on discovery claims (“Manifestaciones de descubrimiento”), mines, ex-ploration permits and 3rd category minerals quarries. For each of these, geo-referenced information is available, as well as data on proceedings file num-bers, holder and minerals. Likewise, the system al-lows online consulting on proceeding files’ legal status for four provinces: Salta, Jujuy, neuquén and Río negro. By December 2019, it is expected to include the mining cadastres of four additional provinces, as well as the online consulting of pro-
ceeding files’ legal status for six other provinces. Our online cadastre is the core of our information system, called Argentine Mining Information Centre (CIMA), available at: cima.minem.gob.ar
CIMA also offers sets of alphanumeric data, geo-ref-erenced and documental information of interest for mining companies, public agencies and civil society. In a user-friendly way, the information system allows consulting, among other issues, data-bases about mineral production, foreign trade, employment, min-ing projects, mining companies, legal framework, in-formation about industrial minerals and rocks, and information related to the socio-environmental evalu-ation of mining projects.
The Geological and Mining Survey of Argentina is the scientific and technological organization of the Ar-gentine Government responsable for the generation and disemination of geological, technological, mining and environmental information, which facilitates the sustainable development of natural resources and their rational use as well as the mitigation of natural and anthropic hazards.
It also offers different services as a chemical lab for private or public use, geological maps from different scales (1:250.000; 1:200.000; 1:100.000), hydrogeo-logical information, volcano observatory, satellite im-agery and geographic information systems. For more information, please visit http://www.segemar.gov.ar and https://sigam.segemar.gov.ar/
mining information and transparency
http://sig.se.gob.ar https://sigam.segemar.gov.ar/
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infrastructure & energy
“Argentina is planning to completely recover
and extend its rail network, enabling rail
freight transport to grow by 5 times”
Argentina is a large country with a big part of its economy concentrated in the “Pam-pa Humeda” zone (between Rio de la Pla-ta and the center of the country). never-theless, there is widespread infrastructure all over the country, that includes more than 182.000 Km of routes, 25.000 km of railways, 54 airports and 43 ports.
Moreover, the country is facing in the next 15 years the most ambitious infra-structure plan in its history. This includes +11.000 Km of new highways, +8.000 Km of roads, +6.500 km of new rail tracks and +11.000 km of recovered rail tracks, implying a total investment of more than U$ 40.000 Mn.
Argentina’s mega-deposit of non-con-ventional hydrocarbons Vaca Muerta is attracting investment. The deposit is the world’s second-largest shale gas basin and will increase the country’s energy supply at competitive prices, essential for the economic development and a key in-put for the mining operations. There is a significant growth in the pace of invest-ment and a sustained increase in produc-tion. In 2018 we had the first gas exports to Chile after 14 years.
On the other hand, through the RenovAr program, 157 Renewable Energy projects were granted with prices around 40 U$S / MWh on the last tender of solar and wind projects. Argentina has world class renewable energy sources with great so-lar irradiation and strong winds close to the areas of mineral deposits, such as the lithium region. By 2025, 20% of the coun-try’s energy demand will be covered by renewable sources.
IS
I S L A( A r g . )
I. Gran Malvin
a
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I. Sole
dad
L V
Puerto Argentino
N AS
E ISLAS DEL ATLANTICO SUR
TIERRA DEL FUEGO, ANTARTIDA
S A N T A
C O R D O B A
C H U B U T
S A N T A
C R U Z
N E G R O
R I O
P A M P A
R I O J A
N E U Q U E N
M E N D O Z A
J U A NS A N
L A
S A N
L U I S
R I O S
E N T R E
BUENOS
AIRES
F E
ESTERO
DEL
SANTIAGO
S A L T A
J U J U Y
CATAMARCA
L A
TUCUMAN
F O R M O S AC H A C O
CORRIENTES
MISIONES
Plta.Aluminio
Futaleufú
CC +/- 600 kV
A ITABERÁ
A IBIUNA
4953:porP 3963:pqE
J.J. Castelli
Aluminé
Caviahue
Santa Rosa
Piquirenda
Las Palmas
M. Belén
Viale
Lomita
C.T. P. de la Patria
Itati
La Leonesa
Cañadita
Andes
La Paz
Pcia. Roca
Don Panos
PuenteLibertad
Saladas
gRidLiNES
station transformer of 500 kV
station transformer less than 500 kV.
thermal Power Plant (steam, diesel, biogas)
hydraulic Power Plant
Nuclear Power station
Photovoltaic Power Plant
wind Power Plant
converters
Lines
500kV
330kV ó 345kV
220kV
150kV
132kV
66kV
33kV
Argentina has a nationwide coverage with high voltage power lines (mostly 500kV) and solid infrastructure connected through the Interconnection Argentine System (SADI). The Electricity Wholesale Market (‘MEM’) has a reference average price around 70~80 U$S / MWh aimed to decrease in the following years with the addition of new offer from less expensive sources as gas and renewables.
14,760 KmOf HigH vOltAge pOWer lineS
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Mining integration and Complementation treaty between Argentina and Chile
• Promotes the exploration and exploitation of mining resources in cordilleran areas
• Facilitates the activities in the area and the border transit of people and assets
• Allows use of all kind of natural resources and infrastructure. Fostering the feasibility of isolated projects
• Eases the Pacific Ocean access for argentine western provinces
• Provides a coordination framework for each nation tax system
• Promotes the exchange of relevant information and alerts about any potential risk associated to mining operations
• Application of the national treatment: it avoids mining projects establishment restrictions ensuring all, directly and indirectly, related mining activities
Current inert treaty all over the scope of application (100 to 150kms to each side of the border). It only generates effects in the areas where Specific Addi-tional Protocols (PAES) are constituted.
They provide adequate solutions to each case’s par-ticularities they will set for each Project “operational areas” that might exceptionally exceed the treaty scope of application there will be a border facilita-tion system (for customs, inmigration, etc., e.g. in-tegrated controls, the possibility of mining right-of-ways construction in one of the countries and benefit plants in the other.
Is the operational body, with each country s repre-sentatives. It will receive, analyze and elevate to the signature of the Administration Comission all nece-sary documents for the Treaty administration
It is the bilateral authority that supervises the trea-ty compliance, make recomendations and propose measures to the Parties
They are the State extraordinary expenses due to the benefits granting
- Formally constituted companies in both countries - Specific and justified need of any of the Treaty benefits - The delimitation of the vertices of the operations area in the Argentine and Chilean coordinate systems - The accreditation of the rights on the be-longings on which the protocol is required - The presentation of the protocol request simulta-neously on both Executive Secretaries
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¿hOW DOeS it WOrK? treAty ADMiniStrAtiOn COMiSSiOn
COnSeQUentiAL COStS
reQUireMentS
SPeCiFiC ADDitiOnAL PrOtOCOLS
the eXeCUtiVe SeCretAriAt
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Doing Businessin Mining
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main fiscal and legal issues of the mining industry
mines in which the soil is an accessory, that belongs to the provincial state in which it lies, and can only be exploited
given legal grant by the regarding mining authority.
a. the following metals: gold, silver, platinum, mercury, copper, iron, lead, tin, zinc, nickel, cobalt, bismuth, manganese, antinomy, wolframite, aluminum, beryllium, vanadium, cadmium, tantalum, molybdenum, lithium and potassium.
B. Arsenic, quartz, feldspar, mica, fluorite, calcareous phosphates, sulfur, borates.
c. Precious stones.
D. certain fuels: mineral coal, lignite, anthracite coal and solid hydrocarbons.
mines that belong to the soil owner and no one may exploit it without the owner consent
except public utility declaration.
mines that because of their relevance are granted preferably to the soil owner; and mines that due to the
deposit conditions are destined to the common advantage.
includes mines where the minerals are of an earthy or rocky nature used in the construction and ornamental industries.
a. metallic sands and precious stones which are found in river beds and on the banks of water courses, or at tailing dams of abandoned mines.
B. saltpeter, salines, peat bogs.
C. Metals not included in the first class.
D. Low grade aluminous soils, abrasives, ochres, resins, steatite, barium sulfate, low grade copper ores, graphite, fine white clay, alkaline salts or earthy alkaline salts, amianthus, bentonite, zeolite and permutable or permutitic minerals.
First
second
third
CLASSiFiCATioN oF MiNES ACCoRdiNg To THE TyPE oF MiNERAL diSCovEREd
The National Constitution states that mines are private property of the Nation or Provinces, depending on the territory in which they are located.
However, legislation allows individuals or legal enti-ties to acquire concessions, by requesting them to the competent authority in order to explore and de-velop those deposits and freely dispose of the min-erals extracted within the area of the concession. The mining rights are granted in perpetuity provid-ed that the annual tax is paid and investments are made for each stage of the mining activity.
The basic statute which governs mining activities in Argentina is the Mining Code, which establishes that mining resources are “non-renewable”, so their utili-zation requires certain conditions.
When the Provicial State grants a mine concession to a third party, it maintains the original ownership. If the concession holder does not comply the con-servation conditions that the Mining Code imposes - payment of royalties, capital investment, effective exploitation when applicable- his rights expire, and consequently the State can once again grant the mine concession to the next first applicant.
Summarizing, a) the State holds the original owner-ship of the mine as a private asset, which subsists before, during and after the granting of “the con-cession” to a third party; b) that private third party holds the property right of, constituted by the State through a regulated act that is the “concession”.
this system distinguishes the existing property on the surface of the land from the mining (under-ground) property.
eXPLOrAtiOn
The initial prospecting stage is legally includ-ed in the exploration or search phase. It takes place on a surface called “search permit”, which the miner holds exclusively for a specific period of time to carry out the tasks of mineral search.
- At a national level Argentina dic-tates the Mining Code, and establishes general laws for the whole country in which the different productive activi-ties (civil, commercial, tax, environ-mental and labor) are framed.
- The mining activity has a special pro-motional regime dictated by the na-tional Government, to which the Prov-inces have adhered. It grants, among other benefits, accelerated amortiza-tion of capital assets and tax stability to mining projects.
- Provinces, for their part, grant mining rights for exploration and exploitation, and other permits. The provincial en-forcement authority monitors compli-ance of the applicable regulations.
- Mining rights for exploration and ex-ploitation and other corresponding permits are granted at the provincial level. Compliance with applicable reg-ulations is monitored by the Provincial Authority.
- The provinces of Chubut, Mendoza, Tucumán, La Pampa, Córdoba, San Luis and Tierra del Fuego prohibited the processing of minerals with certain chemicals or open pit exploitation.
ArgentinA iS A feDerAl COUntrY COnSiSting Of 23 prOvinCeS:
To obtain the permit to explore, an application must be submitted to the provincial mining authority. The Mining notary establishes the exact date and time of submission of the application. The application is reg-istered in the Provincial Graphic Registry or Mining Cadastre in strict order of presentation.
Along with the request for exploration, the Minimum Work Program to be carried out must be submitted. It must include an estimation of the planned invest-ments to be made, and the elements, equipment and machinery to be used in the project.The applicant will pay the exploration fee corresponding to the units of measurement requested.
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exploration & mining exploitation
nUCLeAr MinerALS
Under Argentine law, those minerals considered nuclear ones are uranium and thorium. Those who operate mines that contain nuclear minerals must submit to the mining authority a plan to restore the natural area affected by mining waste, and neutral-ize, conserve or preserve tailings and other process-ing products, complying with current regulations. In order to export nuclear minerals, as well as concen-trates and their derivatives, the approval of the na-tional Atomic Energy Commission is required.
CyAniDe
The following Argentine provinces have banned cy-anide from mineral processing: Chubut, Mendoza, Tucumán, La Pampa, Córdoba, San Luis and Tierra del Fuego.
. Belong to the discoverer. Must file claim with the Province. Free- entry system (no restricted minerals). simple to maintain: annual payment and executed investment plan (within 5 years of tittle). Granted in perpetuity, provided there is minable ore and continued mining activity by owner. simple and straightforward environmental approval process. environmental & construction permits mostly granted & controled by the Province. some federal permits. applies for 30 years to all taxes (national and provincial) existent at filing of feasibility study with Federal Government. 0% tax on the import of capital goods (equipment & spare parts) for mining purposes
IMPORTS
TAX STABILITY
PERMITS
TENURE
TITLE
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submitting the request (article 25)
• applicant information and ownership description of the land (cadastral parcels, ejidos etc) Superficial owner of the land information
• indicate concerns surface – (article. 19- Gather croquis with vertices coordinates of the requested area, using the coordinates official system.)
• work plan description ( schedule of minimum work to be done, investment estimation, equipment and elements to be used)
• statement articles 29 and 30 c.N.m. regarding the non-existence of the prohibitions resulting of the articles 29-(paragraph 2°) and 30 (paragraph 5°). (regarding maximum amount of permit and consecutive permits of the same area or part of it) and maximum of granted units per province to a landholder, a society, or person/ society bounded to the landholder.
• chronological and sequential number assignment ( Provincial mining authority)
• Location in the mine cadastral- Graphic registration (unavailability area) (article 20)
• Official Documents( Domain reports department; Province Direction of lands, Province office cadastral direction , Property Register of immovable
• Edicts Publications (official Journal and graphic media of wide circulation)(100 days for opponents)- concession granting resolution
• Ownership registration of tenure, file registration. (Three years from the register date the payment of the mining annual cannon begins according to articles 76 and 213 of the mining code) 5 year to submit minimum investment plan).
• exploration Permit conditioned to the environmental impact report approval and the obtaining of the environmental impact declaration, articles: 233,246,250,256; General environmental law N° 25675 and its annex; Provincial Laws and resolutions.
• Legal labor statement and belonging request (reduction). (article 68)
• Belongings location (graphic register and publication)
• measurement: publication, measurement tasks and legal task acknowledgment (requested belongings are set) (article 53,81 to 92)
• minimum investment plan: must be submitted within a year term from the petition date and accounting for five years since the mentioned date. amount not lower than 300 times the mine annual cannon. (article 217)
• unavailability area release, belonging registration in the graphic register, legal constitution belonging possession (article 93)
• Publication and mine constitution.
• measurement and requested area demarcation. Discovery verification by the mining authority (article 47)
• minimum investment plan: must be submitted within a year term from the petition date and accounting for five years since the mentioned date. Amount not lower than 300 times the mine annual cannon. (article 217)
• Concession–Definitive title
manifestation discovery note (articles 45,46 and 60)
• Discoverer information
• accompanied mineral sample
• mine Name
• Discovery point description (article 19) and name and mineral of the bordering mines.
• Land domain description (cadastral parcels, ejidos, etc), Superficial owner of the land data
• chronological and sequential number assignment ( Provincial mining authority)
• Location in the mine cadastral- Graphic registration (unavailability area) (article 20)
• Official Documents( Domain reports department; Province Direction of lands, Province direction of cadastral, Property register of immovable
• Publish registration (official Journal and graphic media of wide circulation, articles 51, 52,53 and 66
• mine registration.(article 221, every mineral discoverer will be exempt of cannon payment for three years regarding the belongings given, after that date, the payment of the annual mining cannon begins and the minimum investment plan must be introduced.
• exploration Permit conditioned to the environmental impact report approval and the obtainment of the environmental impact declaration, articles: 233, 246, 250, 56; General environmental law N° 25675 and its annex; Provincial Laws and resolutions.
• Legal labor statement and belonging request (reduction). (article 68)
oWNERSHiP oBTENTioN PRoCEdURES FoR MiNiNg CoNCESSioNS (BASEd oN THE MiNiNg CodE FoR MiNERALS oF FiRST ANd SECoNd CATEgoRy) *
* the procedures are based on the mining code, and the concerning paper work to access a mining concession, given this, the demands are similar in each province.
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STAgES TENURE diSCovERy
Mining eXPLOitAtiOn
In the second stage of the mining process, once a discovery has been made and registered, the pro-vincial mining authority grants the mining con-cession to the first discoverer. Once granted, the miner can begin the exploitation of the mine. The miner can carry out the recognition in the field, in order to specify the most convenient location to es-tablish the properties and develop the exploitation, taking into account the type of mineral discovered. The public utility status of the exploration and exploi-tation stages enables the miner to use the surface land, securing the damages and losses that it may cause. Since the granting of the mining concession, mining easements may also be constituted for the occupa-tion of surface lands, the opening of communication and transport routes, and the use of the natural wa-ters for exploitation requirements.
According to the Mining Code, mining works are considered of public utility and therefore cannot be prevented or suspended, except when this is re-quired to safeguard the public safety, the conserva-tion of belongings and the health or life o workers. The miner is the owner of all the breeding grounds lo-cated within the boundaries of his property, regardless of the mineral substances they contain, and is obligat-ed to report to the mining authority on the finding of any substance different from those stated in the mine registry, for the purposes of the payment of royalties.
enVirOnMent
The Mining Code establishes that miners can ex-ploit their belongings freely, without being sub-ject to other rules than those concerning their safety, police power and environment conserva-tion. Before the start of operations, miners must submit an Environmental Impact Report (IIA) to the appropriate Provincial Application Au-thority according to the location of the deposit. Once approved, an Environmental Impact State-ment (EIS) is issued, and the Provincial Applica-tion Authority will be responsible for monitor-ing compliance. A new EIS will be issued for each stage of the project, approving or rejecting it with-in a maximum period of sixty (60) business days. The EIS is updated every two years.
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The taxes to be applied to mining activities in Argen-tina are the same as those applied to all other eco-nomic activities.
Thus, the Income Tax applies to capital companies with an aliquot of 30% for the fiscal years 2018 and 2019, and it will be reduced to 25% as of 2020 (Law 27430).
In addition, mining activity in Argentina has a system of tax benefits, established by Law 24196.
mining inveStmentS - 24196 lAW
Beneficiary Subjects: Companies or individuals that carry out prospecting, exploration, development, preparation and extraction activities of mineral sub-stances included in the Mining Code, and those that re-alize crushing, grinding, smelting, refining processes, when they are carried out by the same economic unit or are integrated regionally with the previous activities. Likewise, the companies that provide mining services will be able to benefit from the exemptions of import duties.
tax Stability: new mining ventures. as well as exist-ing projects that increase their productive capacity, will enjoy a 30-year tax stability regarding taxes in force at the time the feasibility report is submitted. The creation of new taxes or the increases of aliquots, rates or amounts cannot affect it. The total tax bur-den will be determined, separately, for the national jurisdiction and for each of the provincial and munici-pal jurisdictions, as appropriate.
imports: mining projects are exempt from the pay-ment of all import duties and any other taxes due
to the import of capital goods, special equipment or components thereof and inputs for their activity. For each good, an authorization must be requested from the competent authority.
Additional deduction of exploration expenses in the income tax: It is allowed to deduct from the in-come tax statement up to 100% of the amounts in-vested in prospecting, exploration, special studies and other works aimed at determining the technical and economic feasibility of a project.
refund of Value Added tax (VAt) in exploration: This benefit applies to operations of importation and acquisition of goods and services carried out by companies performing mining exploration tasks (prospection, exploration, mineral testing and ap-plied research), registered in the regime of the law.
Accelerated depreciation system: Companies may choose between the income tax general regime, or a special amortization regime for their capital investments. This system doesnot distinguish ac-cording to the origin of the goods (national or im-ported) and applies for both new and used goods. The special system allows a 60% amortization of in-vestments made on equipment and on civil and in-frastructure works during the fiscal year in which it is enabled, and 40% in equal parts in the next 2 years. For investments in machinery, equipment, vehicles and facilities, the system allows a one third per year amortization.
environmental forecasting deduction: The special forecast to repair possible alterations in the environ-ment is deductible from the Income Tax, up to 5% of the operating costs of extraction and benefit.
transparency, facilitation and cost reduction in administrative procedures
mining investment law: promotional regime of the mining sector
In order to access the benefits of the Mining Invest-ment Law, the procedures before the national Ap-plication Authority, have become more transparent, and administrative costs and timeframes have been reduced, resulting in greater competitiveness.
This is due to the revision of regulations, in order to make them simple, clear and precise, to achieve a continuous improvement of Public Administration.
The Online Procedures Platform (TAD) was im-plemented in order to allow full digital access and processing, eliminating requirements
that represent charges and costs, accepting sworn statements as form of accreditation, limiting appli-cable comptroller procedures and generating inter-operability in systems and exchange of information with other State agencies.
The updated rules are linked to the inscription pro-cedure on the Mining Investment Law Registry; the procedures in order to obtain tax stability; and the procedure and conditions to obtain the benefits re-lated to the Income Tax established in Law 24.196.
The number of rules that regulate these processes was reduced from sixteen (16) to three (3).
Additionally, work is already under way to simplify the regulation of procedures for the importation of goods; for the refund of the Value Added Tax (VAT) upon mining exploration; the requirements of sworn state-ments that registrants must submit annually; and the re-registration of all companies in the Registry.
Mining Secretariat, in conjunction with AFiP (Federal Administration of Pub-lic revenue), signed general resolu-tion 4428/2019, which regulates the complaint process for mining compa-nies with tax stability. it provides the procedure to claim compensation to those companies that consider hav-ing paid, in a fiscal year and in nation-al jurisdiction, a tax burden higher than it would have corresponded to them. this is a tool to strenght the tax stability.
This process aims to provide simplicity, clarity, precision and to offer a better understanding of the mining investment Law, n° 24196. Furthermore, it intends to eliminate unnecessary burdens by establishing procedures designed from the user’s perspective, streamlining the paperwork and providing transparency to administrative processes, avoiding the waste of time and costs.
2322
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Mining in Argentina
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2524
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METAL
Gold (au)
silver (ag)
Lithium (Li)
Zinc (Zn)
Lead (Pb)
coal (c)
CoNTAiNEd METAL - ANNUAL PRodUCTioN
Gold
silver
Zinc
Lead
Lithium
coal
copper
Gold
silver
Zinc
Lead
Lithium
coal
copper
Gold
silver
Zinc
Lead
Lithium
coal
copper
< 100.000 oz
< 1. 000.000 oz
< 20.000 t
<20.000 t
< 15.000
< 20.000 t
< 20.000 t
100.000 - 300.000 oz
1.000.000 - 3.000.000 oz
20.000 - 50.000 tLce
20.000 - 50.000 t
15.000 - 35.000
20.000 - 50.000 t
20.000 - 50.000 t
> 300.000 oz
> 3.000.000 oz
> 50.000 tLce
> 50.000 t
> 35.000
> 50.000 t
> 50.000 t
smaLL
meDium
LarGe
San José
Cerro Negro
Mina Martha
Manantial Espejo
Rio Turbio
Cerro vanguardia
don Nicolás
Casposo
gualcamayo
Farallón Negro
Mina Fénix
Salar de olaroz
Pirquitas Chinchillas
Mina Aguilar
veladero
El Tranquilo Cerro Moro
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1.
2.
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4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
oPERATioN CoMPANy (oPERAToR) METALMiNiNg METHod
Flotation evaporationValley/ heap Leaching
agitated Leaching
BENEFiCiATioN PRoCESS
main mining Operations
SSR Mining | Golden Arrow Resources Puna Operations Inc
Glencore Plc.
Compañía Minera Aguilar
Orocobre | Toyota Tsuho | JEMSE SALES DE JUJUY S. A.
Livent Corp. MINERA DEL ALTIPLANO S.A.
YMAD YACIMIENTOS MINEROS AGUA DE DIONISIO
Barrick Gold Corp | Shandong Gold MINERA ARGENTINA GOLD S.R.L
Mineros S.A. MINAS ARGENTINAS S.A.
Austral Gold Limited TROY RESOURCES ARGENTINA LTD
Hochschild Mining Plc | McEwen Mining Inc. MINERA SANTA CRUZ S.A.
Newmont-Goldcorp OROPLATA S.A.
CIMINAS MINERA DON NICOLÁS
Patagonia Gold Plc. | Fomicruz PATAGONIA GOLD S.A.
Yamana Gold Inc. ESTELAR RESOURCES LIMITED ARGENTINA
AngloGold Ashanti Ltd | Fomicruz CERRO VANGUARDIA S.A.
Hunt Mining Corp. CERRO CAZADOR S.A.
Panamerican Silver Corp MINERA TRITON ARGENTINA S.A.
YACIMIENTO CARBONIFERO RIO TURBIO
BENEFiCiATioN PRoCESSMiNiNg METHod
open pit Pumpingunderground
Chinchillas-Pirquitas
Mina Aguilar
olaroz
Fénix
Farallón Negro
veladero
gualcamayo
Casposo
San José
Cerro Negro
don Nicolás
El Tranquilo
Cerro Moro
Cerro vanguardia
Mina Martha
Manantial Espejo
Río Turbio
TIERRA DEL FUEGO
TUCUMAn
SALTAFORMOSA
CATAMARCA
LA RIOJA
SAn JUAn CORDOBA
SAnTA FE
CORRIEnTES
MISIOnES
EnTRE RIOS
SAn LUIS
MEnDOZA
LA PAMPA
RIO nEGRO
CHUBUT
SAnTA CRUZ
MALVInAS ARGEnTInAS
nEUQUEn
BUEnOS AIRES
CHACO
SAnTIAGO DEL ESTERO
JUJUY
silver (ag)Lead (Pb)Zinc (Zn)
Lithium (Li)
Lithium (Li)
Gold (au)
Gold (au)
Gold (au)silver (ag)
Gold (au)silver (ag)
Gold (au)silver (ag)
Gold (au)silver (ag)
Gold (au)silver (ag)
Gold (au)silver (ag)
silver (ag)Gold (au)
silver (ag)Gold (au)
silver (ag)Gold (au)
coal (c)
silver (ag)Gold (au)
Lead (Pb)Zinc (Zn)silver (ag)
main miningOperations map
2726
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To show investment opportunities in mining in Argentina, these assets are di-vided into two major groups: Advanced Projects and Prospects. The group of Advanced Projects (AE, PEA, PFS, DFS) includes those in advanced exploration, which have at least defined resources, even those in the feasibility stage. This group includes projects that are in stages of reengineering or integral reformulation of the project (such as Lama and Potas-sium Rio Colorado).
In the group of prospects are included those early regional exploration, which lead to the detection and location of anomalies and favorable sites for min-eralization and the location of potential deposits with potential. Also those that have been in the initial exploration stage, where exploration works were carried out on targets that eventually could consti-tute a deposit. In this stage, the data or density of the sampling are not yet suf-ficient for a resource estimate.
exploration projects
In recent years a more favorable climate has been seen for investments in Argentina, which led com-panies to start developing actions to move forward their projects. The works began on those that were in feasibility stage and were delayed for years (such as Cerro Moro and Lindero), the exploration and evo-lution of projects that were stopped were restarted, many companies significantly increased their explor-atory budgets, mergers were carried out between companies and asset transactions were recorded. In addition to this, the new political and economic con-ditions favored the arrival of new actors to the na-tional mining scenario, in a context in which, with the lithium exception, the prices of commodities were not increasing.
The exploratory activities and the continuity of the investments allowed notable changes in the projects portfolio. Currently there are 60 projects in an ad-
An indicator of confidence in the new policies imple-mented in Argentina since 2016 can be seen in the evolution of exploration investment.
While global investment in exploration fell continu-ously since 2012 and only managed to rebound in 2017, in Argentina it reverts since 2016. Thus we note that in the period 2015-2018, the world explorato-ry budgets accumulate a growth of 10%, as in the case of Latin America, while Argentina achieved a 92% leap. Thus Argentina almost doubled its par-ticipation share in Latin America, from 5% to 9%. The mining companies invested in exploration in our country in 2018, 241 million dollars, against the 125 registered in 2015. The number of companies that applied budgets for exploration in Argentina grew from 46 to 59 and the number of perforations ex-ecuted quadrupled, going from 244 to 1,000 in the same period.
The largest increase in exploratory investments since 2016 occurred in projects in advanced stage, with an increase of 171% in the three-year period. This caused an advance in the status of many of them and an increase in the national inventory of identi-fied resources. In early exploration, the investment doubled in 3 years, from 28 to 61 million dollars.
When analyzing by commodity, gold and lithium highlighted for different reasons and in different ex-ploratory stages
Lithium is the most dynamic sector. Argentina is the 3rd world producer. Currently, there are 2 mines in production, and a third that began in 2018 with the pre-production steps and that will have its first exports in 2020. The exploratory budget in lithium projects and operations since 2015 grew 928%, which has been reflected in the increase of identi-fied resources that positioned Argentina in the 1st place worldwide, and with an important advance in the projects portfolio. Thus, there are currently 12 advanced projects that in 2015 were in the initial stages of their knowledge or that had not yet begun to be explored.
Gold, apart from being the destination of almost half of the investment between 2015 and 2018 (USD 115 million over USD 241 million in 2018 and almost half of the drilling carried out), grew by 63% compared to 2015. The largest part of Argentina’s mining op-erations are gold, and for that reason, 56% of the ex-pense in gold exploration was in mines, to increase resources and reserves.
explOrAtiOn trenDS 2015 - 2018
vanced stage of development (including proyects in expansion and construcction) In early stages of pros-pecting and exploration, about 269 prospects are counted, such as signs, anomalies, occurrences and identified deposits, in which exploratory works were carried out, not yet sufficient to size resources, but located in areas with high geological potential.
Regarding the geology of the deposits identified in Argentina, the main ones are epithermal and por-phyry deposits, in a second group there are those associated with sediments (including salt deposits), metasomatics and polymetallic veins and breccias, among others. The main metals that are subject to exploration are: Gold, Silver, Copper, Lithium, Potas-sium, Uranium, Tin, and those associated metals such as Molybdenum, Lead, Zinc, Boron and Vanadium, among others.
0%
20%
67%
92%
0%
-20%
-8%
10%
-40%
-20%
0%
20%
40%
60%
80%
100%
2015 2016 2017 2018
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exploratory budgets rate Argentina vs. global. Base 2015
71 64100 115
7 29
6669
2520
1923
1626
16
28
0
50
100
150
200
250
300
2015 2016 2017 2018
Gold
Lithium
Copper
Silver
Uranium
Others
125 MUSD150 MUSD
209 MUSD
241 MUSD
+63%compared to
2015
+928%compared to
2015
+77%compared to
2015
Annual budget by commodity (2015-2018 USD millions)
Taking 2015 as the basis for the
analysis, Argentina’s exploratory
budgets begin to grow from 2016,
while globally the decrease persisted
until 2016. In four years, the global
investment in exploration grew by
10%, while in Argentina the increase
was 92%.
ARgENTiNA gLoBAL
2928
!(!(!(!(!(!(!(!(!(
!( !(!( !(!(!(!(!(!(
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!(
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!(
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#*#*#*#*
#*#*
1
2345 6
7891011
12 13 14151617
18
1920
2122
2324
25
26
27
28
29
30
31
34
35
32
33 With CAPEX
Without CAPEX
! Copper
# Copper
! Lithium
# Lithium
! Gold
# Gold
! Silver
# Silver
! Potassium
# Potassium
!( Uranium
#* Uranium
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the information of the prospects and mining projects shown in this publication of the mining Policy secretariat (secretaría de Política minera), is based on the analysis and study of several sources. on the advanced projects case, information is based mainly on public reports issued by the companies and / or their representatives, who are responsible for the information accuracy. in the case of prospects, sources are mainly geological and historical information, company reports, and publications of the argentine Geological and mining survey (seGemar). this publication of argentina´s national government has the objective of showing the geological potential, and investment opportunities in the country. however, interested parties should consult the appropriate provincial institutions about the current legal, social and environmental situation of each project. some provinces have particular regulations and prohibitions regarding mining methods and processes. the mining Policy secretariat is not responsible for the use of this information for other purposes.
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Advanced projectsAdvanced projectsmap
TIERRA DEL FUEGO
TUCUMAn
SALTAFORMOSA
CATAMARCA
LA RIOJA
SAn JUAn CORDOBA
SAnTA FE
CORRIEnTES
MISIOnES
EnTRE RIOS
SAn LUIS
MEnDOZA
LA PAMPA
RIO nEGRO
CHUBUT
SAnTA CRUZ
MALVInAS ARGEnTInAS
nEUQUEn
BUEnOS AIRES
CHACOSAnTIAGO DEL ESTERO
JUJUY
Advanced Projectwhit CAPEX
Operator Owner PrimaryMetal
Inicial CAPEX(MUSD)*
Note: There are currently 25 advanced projects without a defined CAPEX that have a definition of Resources.*MUSD: Millions of dollars
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
285
401
425
720
141
97
338
410
3.005
243
572
239
450
93
144
293
474
300
2.386
319
2.761
1.270
93
1.200
2.363
4.500
370
1.924
43
128
66
1.000
220
136
62
Olaroz (Ampliación)
Cauchari
Cauchari-Olaroz
Salar del Rincón
Salar del Rincón - Argosy
El Quevar
PPG
Pastos Grandes
Taca Taca
Mariana
Centenario-Ratones
Lindero
Sal de Oro
Salar de Hombre Muerto Norte
Sal de Los Ángeles
Diablillos
Sal de Vida
Fenix (Expansion)
Agua Rica
Tres Quebradas
Josemaría
Filo del Sol
Taguas
Lama
Los Azules
El Pachón
San Jorge
Potasio Río Colorado
Andacollo
Amarillo Grande
Calcatreu
Navidad
Suyai
Laguna Salada
Joaquín + Cose (Manantial Espejo)
Sales De Jujuy S.A.
South American Salars S.A.
Minera Exar S.A.
Rincon Mining Limited
Puna Mining S.A.
Silex Argentina S.A.
Lithea Inc. Sucursal Argentina
Proyecto Pastos Grandes S.A.
Corriente Argentina S.A.
Litio Minera S.A.
Eramine Sudamerica S.A.
Mansfield Minera S.A.
Posco Argentina S.A.
NRG Metals Inc.
Potasio Y Litio De Argentina S.A.
Pacific Rim Mining Corporation Argentina S.A.
Lithium 1 S.R.L.
Minera Del Altiplano S.A.
Minera Agua Rica Llc - (Sucursal Argentina)
Liex S.A.
Desarrollo De Prospectos Mineros S.A.
Filo Del Sol Exploracion S.A.
Compañia Minera Piuquenes S.A.
Barrick Exploraciones Argentina S.A.
Minera Andes S.A.
Pachon S.A. Minera
Minera San Jorge S.A.
(Potasio Río Colorado S.A.)
Trident Southern Explorations De Argentina S.R.L.
Minera Cielo Azul S.A.
Minera Aquiline Argentina S.A.
Minera Argenta S.A.
Estelar Resources Ltd.
Maple Exploration And Development Inc.
Minera Triton Argentina S.A.
Orocobre | Toyota Tsusho | JEMSE
Advantage Lithium Corp. | Orocobre Limited Pty Ltd.
Lithium Americas Corp | Jiangxi Ganfeng Lithium Co., Ltd. | JEMSE
Rincon Ltd
Argosy Minerals
Golden Minerals Company
Plus Petrol
Millennial Lithium Corp.
First Quantum
International Lithium Corp.| Bolland International
Eramet
Fortuna Silver Mines
Posco
NRG Metals Inc.
NextView New Energy
AbraPlata Resources Corp
Galaxy Resources Ltd
FMC Lithium Corp
Yamana Gold
Neo Lithium Ltd.
NGEx resources Inc.
Filo Mining Corp.
Comsur
Barrick Gold Corp.
McEwen Mining
Glencore
Solway Investment Ltd.
VALE
Trident Southern Explorations SPA
Blue Sky Uranium Corp.
Patagonia Gold
Pan American Silver Corp.
Yamana Gold
U3O8 100%
Panamerican Silver Corp
TOTAL 27.471
K
3130
PREFEASiBiLiTy
UNdER CoNSTRUCTioN (NEW MiNES - ExPANSioN)
FEASiBiLiTy/REENgiNEERiNg
cauchari-olarozcentenario-ratones
Linderoandacollo
olaroz (expansion)Fenix (expansion)
Manantial Espejo (COSE-Joaquin)
salar del rincónsal de Vidael Pachón
Potasio río colorado Lamasuyai
agua ricatres Quebradas
JosemaríaFilo del solSan Jorge
rincónPular
Gallegorío Grande (cu)rio Grande (Li)
sal de oroDon otto
KachiJagüelito
Del carmenValle de chita
altarcerro Blanco
sierra Pintada
Don sixtoPotasio
san roquecalcatreu
cerro solomeseta central
Laguna coloradaLejano
269 early stage prospects
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early stage prospects mining portfolio
TIERRA DEL FUEGO
TUCUMAn
SALTAFORMOSA
CATAMARCA
LA RIOJA
SAn JUAnCORDOBA
SAnTA FE
CORRIEnTES
MISIOnES
EnTRE RIOS
SAn LUIS
MEnDOZA
LA PAMPA
RIO nEGRO
CHUBUT
SAnTA CRUZ
MALVInAS ARGEnTInAS
nEUQUEn
BUEnOS AIRES
CHACOSAnTIAGO
DEL ESTERO
JUJUY
the information of the prospects and mining projects shown in this publication of the mining Policy secretariat (secretaría de Política minera), is based on the analysis and study of several sources. on the advanced projects case, information is based mainly on public reports issued by the companies and / or their representatives, who are responsible for the information accuracy. in the case of prospects, sources are mainly geological and historical information, company reports, and publications of the argentine Geological and mining survey (seGemar). this publication of argentina´s national government has the objective of showing the geological potential, and investment opportunities in the country. however, interested parties should consult the appropriate provincial institutions about the current legal, social and environmental situation of each project. some provinces have particular regulations and prohibitions regarding mining methods and processes. the mining Policy secretariat is not responsible for the use of this information for other purposes.
caucharisalar del rincón - argosy
el Quevartaca taca
Pastos Grandes
PPGmariana
sal de Los Ángelessalar del hombre muerto Norte
Diablillos
taguasLos azules
amarillo GrandeNavidad
Laguna salada
EARLy STAgE PRoJECTS
AdvANCEd ExPLoRATioN
PRELiMiNARy ECoNoMiC ASSESSMENT
http://cima.minem.gob.ar/dataset?categoria=Proyectos%20
mineros
VirginiaLas calandrias
La JosefinaPingüino
La manchuria
32
investment Key players
To take full advantage of the many opportunities Argentina has to offer, this summary serves as an introduction” to the main actors who will assist in the investment process.
mining pOliCY SeCretAriAt
The Secretariat coordinates the mining public policy at the national level and represents the country in its relationship with international and multilateral organizations.
Furthermore, it administrates the Mining Invesment Law which grants promotional treatment for opera-tors, explorers and suppliers.
h t t p s : // w w w. a r g e n t i n a . g o b . a r/m i n i s t r o/secretaria-de-politica-minera
CAem: The Argentine Chamber of Mining Entrepe-neurs represents mining companies-metaliferous and non metaliferous- as well as materials for construc-tion in all production stages.
This Chamber was founded with the objective of unifying and strengthening the mining industry. The provincial chambers of industry and the industry suppliers are also present: from machinery manu-facturers, to suppliers of materials and services; as well as technical, legal and financial advisors.
For more information visit www.caem.com.ar or contact at [email protected]
SegemAr (geological and mining Survey): The Geological and Mining Survey of Argentina is the scientific and technological organization of the Argentine Government responsible for the gen-eration and dissemination of geological, techno-logical, mining and environmental information, which facilitates the sustainable development of natural resources and their rational use as well as the mitigation of natural and anthropic hazards.
Argentina investment and trade promotion Agency: the agency promotes Argentina as an attractive in-vestment destination and assists investors through the investment process: analysis, decision-making, establishment, operation and reinvestment.
For more information, visit www.investandtrade.org.ar or contact at [email protected].
For more information visit www.minem.gob.ar
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For more information visit www.segemar.gov.ar.
COfemin: A federal body tasked with decentralizing decisions and increasing federalism, the government has revitalized the Federal Mining Council, a group composed of federal and provincial representatives where the mining matters are discussed at federal level. Among other issues, the Council promotes and articulates the consensus between the national gov-ernment and the Provinces regarding mining policy.
For more specific information about provincial mining authorities and legislations please visit www.cofemin.gob.ar or contact at [email protected]
