* Gov’t cuts time limit for proceeds to be cashed
* Miners struggle to meet new 30-day deadline
* Industry group’s leader hopeful for solution
By Guido Nejamkis
BUENOS AIRES, June 19 (Reuters) – Mining companies in
Argentina have sharply reduced exports because they are unable
to meet a new government rule forcing them to cash in the
proceeds within 30 days, the head of an industry group said on
Tuesday.
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.
Last month, her center-left administration put new measures
in place aimed at accelerating the arrival of export proceeds.
Argentine mines produce copper, gold, silver and other
products.
Mining companies used to have 360 days to cash in the
earnings, but are struggling to meet the new time limit,
prompting them to dramatically reduce shipments, said Martin
Dedeu, head of the Argentine Mining Industry Chamber (CAEM).
Continued…
