* Government needs dollar inflows to help pay debt
* Miners had slashed exports due to currency rules
* Officials extend deadline for miners, others
BUENOS AIRES, June 25 (Reuters) – Argentina loosened its
strict currency rules on Monday, extending the deadline for more
than 100 companies – including some hard-hit miners – to cash in
export earnings on the local foreign exchange market.
President Cristina Fernandez has imposed a series of rules
on trade and foreign exchange over the last year in an effort to
bolster the supply of dollars, which her government needs to pay
the public debt.
Mining companies in particular said they had slashed exports
because they could not comply with a new 30-day deadline to
bring back their export proceeds.
In a resolution published in the official gazette, the
government extended the deadline to 120 days for several mining
operations, including Minera Alumbrera, which is half-owned by
Xstrata Plc, and Silver Standard Resources Inc’s
Pirquitas mine .
Other exporters from a range of sectors were given between
90 days and 180 days to cash in their sales proceeds.
The head of a mining industry group said last week it was
difficult to close export deals within 180 days.
Continued…
