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Gold/Mining/Energy : Pacific Rim Mining V.PFG
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To: Quinn who wrote (8145)12/12/1997 9:40:00 AM
From: m jensen  Read Replies (1) of 14627
 
To all Mining in Argentina>

A dramatic economic and political turnaround in the last five years
has occurred in Argentina. A democratic government is firmly established with a recently renewed mandate of rejuvenating private sector investment and is considered one of the most politically stable in South America. It has dramatically bought down annual inflation to less than 4% per annum, reduced government expenditures and obtained budget surpluses in the last two years,privatized state-owned enterprises, and enacted favourable legislation to attract major foreign investment.

Virtually no private-sector mining exploration was conducted in the past thirty years. It is well known internationally, that Argentina has tremendous mining potential and is now quickly developing a supporting infrastructure. The government and the people welcome and encourage foreign investment and are making every effort to facilitate mining investment. To this end, the government enacted the New Mining Legislation which was approved in 1993 and establishes a highly favourable and competitive investment climate. Highlights of this legislation are:

- The Argentinean government guarantees tax stability for 30 years; - Royalties are capped at 3% of product value at the mine; - Corporate tax
is 30% of profit; - Imports of mining exploration are exempt from import and/or customs duties;
- 100% of exploration and development costs are deductible;
- Costs to feasibility are considered deductible expenses in the
first year of production;
- Costs of machinery, equipment, vehicles, etc. can be amortized over the first three years of production;
- Infrastructure costs: 60% can be amortized in the first year and
20% on the second and the third year of production respectively.
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