From 18 October 2023, by means of Resolution No. 163/23 of the Secretariat of Mining ("Resolution"), lithium, borates, lime and other minerals were included, allowing exports of such minerals to be settled at a preferential exchange rate, resulting from settling 75% of such exports through the Foreign Exchange Market and the remaining 25% through blue chip transactions.
To be eligible for this type of rate, among other requirements, exports must have a settlement date between 2 October 2023 and 20 October 2023 inclusive, as well as pre-financing and/or post-financing of exports abroad or a settlement advance, and the actual export must be made by 31 December 2023 at the latest.
The Resolution adds strategic minerals to those already recognized by recent Joint Resolution 1/2023 of 10 October. Further information regarding Joint Resolution 1/2023 can be found here.
However, the Resolution may be further clarified with respect to exports settled prior to its entry into force (between the 2nd and 18th of 2023).
Decree No. 576/2022 ("Decree 576") created the Export Increase Program ("Program"), which was extended until 25 October 2023 by Decree No. 492/2023 ("Decree 492") of 30 September 2023. Likewise, Decree 492 enabled the Mining Secretariat, among other secretariats, to incorporate into the Program, on an extraordinary and transitory basis, tariff positions of the Common Nomenclature of the Mercosur.
Effective as from 18 October 2023, the Resolution extended the Program to lithium, borates, lime, orthoboric acid, precious stones, crude silver, dolomite and certain derivatives and concentrates of some of them ("Minerals"), as indicated in Decree 492. Thus, exporters of Minerals will be able to access a preferential exchange rate in the settlement of their exports (75% of the exports must enter the country and be traded through the Foreign Exchange Market, while the remaining 25% can be traded through securities — "contado con liquidación" mechanism), if they comply with the following guidelines:
- To adhere to the Program in accordance with the mechanism set forth in Decree 576
- Export settlement is made between 2 October 2023 and 20 October 2023 inclusive, to the extent that the effective export date of such exports is no later than 31 December 2023 inclusive
- In the event of pre-financing and/or post-financing of exports abroad or a settlement advance, not only fulfil point (i) and (ii) but also requires that the effective export date of such exports not to be later than 31 December 2023.