Mining Companies May Underwrite Dollar-Linked Bills

Mining companies may underwrite a BCRA Bill in pesos payable at the official exchange rate and at a zero interest rate for the equivalent amount of the foreign currency settled at the forex market.

The resolution adopted by the Board of the BCRA authorizes the issuance and placement of BCRA Bills to the mining sector (LEMIN) in pesos and payable at the Benchmark Exchange Rate as set forth in Communication "A" 3500, with a 180-day maturity term at a zero interest rate, renewable for another bill of equal term at the same interest rate.

Moreover, holders of LEMIN Bills may opt to redeem them, whether in whole or in part, as from 30 days after the underwriting date.

The resolution agreed upon with the Ministry of Productive Development enables companies that settle foreign currency from the export of goods to maintain the value of currency in pesos.

LEMIN Bills may be underwritten by companies registered in the Fiscal Registry of Mining Activities and covered by Law No. 24,196, provided that they have settled inflows from collections, advances or pre-financing of exports of goods through the Free and Single Foreign Exchange Market (Mercado Único y Libre de Cambios, MULC) on the day of underwriting, for at least the equivalent in foreign currency of the amount to be underwritten in pesos.

December 23, 2020.

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