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UPDATE 1-Argentina scraps mining export taxes as part of free market push
February 12, 2016 / 4:21 PM / 2 years ago

UPDATE 1-Argentina scraps mining export taxes as part of free market push

(Adds details, Macri quote)

BUENOS AIRES, Feb 12 (Reuters) - Argentina’s new president has revoked the 5 percent tax that the previous administration collected on mining exports, state news agency Telam reported on Friday, as part of the country’s two-month old push toward open markets.

“Today end the taxes on mining exports,” Mauricio Macri, inaugurated in December after winning office on a free-markets platform, said in a ceremony announcing the measure.

“We are going to work with the governors to develop new mining projects, always putting environmental protection first,” Macri said.

His predecessor, Cristina Fernandez, expanded the state’s role in Latin America’s No. 3 economy. Her trade and currency controls were thrown out by Macri during his first month in office as he tries to spur production and exports while confronting double-digit inflation.

Macri said the decision to ditch mining export taxes “is in line with generating the stability, confidence and predictability that will attract investors.”

Argentina produces aluminum, lead, copper, zinc, silver and gold. (Reporting by Maximiliano Rizzi; Editing by Chizu Nomiyama and Phil Berlowitz)

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