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Argentina eliminates taxes on all mining exports

Xinhua, February 13, 2016 Adjust font size:

Argentine President Mauricio Macri on Friday announced the complete elimination of taxes on mining exports.

That would allow the mining industry and regional economies to return to growth, attract more investment and create jobs, he said in a speech in the western city of San Juan.

Specifically, the removal of these taxes would be a strong incentive for the 12 provinces where "mining is a key industry ... and has enormous future potential," he added.

However, Macri reiterated his commitment to developing the mining sector "with full respect and care for the environment."

According to data from Buenos Aires, the mining industry can generate five new indirect jobs for each direct job created and can lead to a boom in new small- and medium-sized enterprises.

An official press release accompanying the announcement stated that the 5-10 percent taxes imposed on mining exports presented "an important obstacle for the growth of the sector, which led to a loss of competitiveness, and led to potential investments going instead to other mining countries like Peru, Chile, Colombia and Brazil."

In addition, Macri pledged to finish the Agua Negra tunnel, a major infrastructure project which would connect Argentina's San Juan Province with Coquimbo in Chile. Endi