Cerrado Gold Provides an Update on Fiscal Policy Changes in Argentina Including Removal of Currency Controls on April 14th
Cerrado Gold (CRDOF) announces significant fiscal policy changes in Argentina, as the country prepares to remove capital controls ('el cepo') on April 14th. The International Monetary Fund (IMF) has approved a $20 billion loan program, with $12 billion available immediately to the central bank. Additional support includes $12 billion from the World Bank and $10 billion from the Inter-American Development Bank over three years.
The Argentine peso will be allowed to float within an initial range of 1,000-1,400 pesos per dollar, with a 1% monthly band expansion. Companies will be able to repatriate profits out of Argentina starting in 2025, while importing companies can make immediate payments for goods. These changes are expected to significantly enhance Cerrado's operations at their MDN mine and facilitate dividend payments out of the country.
Cerrado Gold (CRDOF) annuncia importanti cambiamenti nella politica fiscale in Argentina, mentre il paese si prepara a rimuovere i controlli sui capitali ('el cepo') il 14 aprile. Il Fondo Monetario Internazionale (FMI) ha approvato un programma di prestiti di 20 miliardi di dollari, con 12 miliardi disponibili immediatamente per la banca centrale. Ulteriore supporto include 12 miliardi dalla Banca Mondiale e 10 miliardi dalla Banca Interamericana di Sviluppo in un periodo di tre anni.
Il peso argentino sarà autorizzato a fluttuare all'interno di un intervallo iniziale di 1.000-1.400 pesos per dollaro, con un'espansione mensile della banda dell'1%. Le aziende potranno rimpatriare i profitti dall'Argentina a partire dal 2025, mentre le aziende importatrici potranno effettuare pagamenti immediati per le merci. Questi cambiamenti si prevede che migliorino significativamente le operazioni di Cerrado nella loro miniera MDN e facilitino i pagamenti dei dividendi al di fuori del paese.
Cerrado Gold (CRDOF) anuncia cambios significativos en la política fiscal de Argentina, mientras el país se prepara para eliminar los controles de capital ('el cepo') el 14 de abril. El Fondo Monetario Internacional (FMI) ha aprobado un programa de préstamo de 20 mil millones de dólares, con 12 mil millones disponibles de inmediato para el banco central. El apoyo adicional incluye 12 mil millones del Banco Mundial y 10 mil millones del Banco Interamericano de Desarrollo durante tres años.
El peso argentino podrá flotar dentro de un rango inicial de 1,000-1,400 pesos por dólar, con una expansión mensual de banda del 1%. Las empresas podrán repatriar ganancias fuera de Argentina a partir de 2025, mientras que las empresas importadoras podrán realizar pagos inmediatos por bienes. Se espera que estos cambios mejoren significativamente las operaciones de Cerrado en su mina MDN y faciliten los pagos de dividendos fuera del país.
세라도 골드 (CRDOF)는 아르헨티나의 세금 정책에 중대한 변화를 발표하며, 이 나라는 4월 14일에 자본 통제('el cepo')를 해제할 준비를 하고 있습니다. 국제통화기금(IMF)은 200억 달러 규모의 대출 프로그램을 승인했으며, 120억 달러가 즉시 중앙은행에 제공됩니다. 추가 지원으로는 세계은행의 120억 달러와 미주개발은행의 100억 달러가 3년에 걸쳐 제공됩니다.
아르헨티나 페소는 달러당 1,000-1,400 페소의 초기 범위 내에서 자유롭게 변동할 수 있으며, 월 1%의 밴드 확장이 이루어질 예정입니다. 기업들은 2025년부터 아르헨티나 외부로 이익을 송금할 수 있으며, 수입 기업들은 즉시 물품에 대한 결제를 할 수 있습니다. 이러한 변화는 세라도의 MDN 광산 운영을 크게 향상시키고, 해외로 배당금을 지급하는 데 도움이 될 것으로 예상됩니다.
Cerrado Gold (CRDOF) annonce des changements fiscaux significatifs en Argentine, alors que le pays se prépare à supprimer les contrôles de capitaux ('el cepo') le 14 avril. Le Fonds Monétaire International (FMI) a approuvé un programme de prêt de 20 milliards de dollars, dont 12 milliards sont immédiatement disponibles pour la banque centrale. Un soutien supplémentaire inclut 12 milliards de la Banque Mondiale et 10 milliards de la Banque Interaméricaine de Développement sur trois ans.
Le peso argentin sera autorisé à flotter dans une fourchette initiale de 1 000 à 1 400 pesos par dollar, avec une expansion de bande de 1 % par mois. Les entreprises pourront rapatrier des bénéfices hors d'Argentine à partir de 2025, tandis que les entreprises importatrices pourront effectuer des paiements immédiats pour les biens. Ces changements devraient considérablement améliorer les opérations de Cerrado dans leur mine MDN et faciliter les paiements de dividendes à l'étranger.
Cerrado Gold (CRDOF) kündigt bedeutende Änderungen der Fiskalpolitik in Argentinien an, da das Land sich darauf vorbereitet, die Kapitalverkehrskontrollen ('el cepo') am 14. April aufzuheben. Der Internationaler Währungsfonds (IWF) hat ein Kreditprogramm über 20 Milliarden Dollar genehmigt, von denen 12 Milliarden sofort der Zentralbank zur Verfügung stehen. Weitere Unterstützung umfasst 12 Milliarden von der Weltbank und 10 Milliarden von der Interamerikanischen Entwicklungsbank über drei Jahre.
Der argentinische Peso wird innerhalb eines anfänglichen Bereichs von 1.000-1.400 Pesos pro Dollar schwanken dürfen, mit einer monatlichen Banderweiterung von 1%. Unternehmen werden ab 2025 in der Lage sein, Gewinne aus Argentinien zurückzuführen, während importierende Unternehmen sofortige Zahlungen für Waren leisten können. Diese Änderungen werden voraussichtlich die Operationen von Cerrado in ihrer MDN-Mine erheblich verbessern und die Ausschüttung von Dividenden ins Ausland erleichtern.
- Removal of capital controls will improve operational efficiency
- Ability to repatriate profits from Argentina starting 2025
- Immediate payment capability for imports, eliminating waiting periods
- Simplified foreign exchange market access for business operations
- Pre-2025 funds must be exchanged for dollar-denominated security bonds
- Initial currency trading restrictions within 1,000-1,400 pesos per dollar range
Argentina set to remove Capital Controls or "el cepo" as of Monday, April 14
International Monetary Fund ("IMF") to provide new
$20 Billion in fundingWorld Bank to Provide an additional support package of
$12 Billion and the Inter-American Development Bank will provide a further$10 Billion over three yearsCurrency set to initially be allowed to float in the range of 1,000 -1,400 Pesos to the Dollar
New Policy will simplify capital flows for Cerrado's MDN mine and allow for dividends out of the country
TORONTO, ON / ACCESS Newswire / April 14, 2025 / Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") is pleased to provide an update on recent fiscal policy changes that are underway in Argentina which should ease the overall flow of capital into and out of Argentina. It should be noted that not all the details of the new policy are fully available at this time.
On Friday, April 11 the IMF approved a new
As part of this phase of removing all Capital Control on Friday, the government announced companies will be able to repatriate profits out of the country as of 2025, subject to some restrictions and the use of the differential exchange rates or "dollar blend" used by exporters will be eliminated and the deadlines for the payment of foreign trade operations are to be relaxed. This is expected to attract new investment into Argentina. Funds from prior to 2025 will need to exchange the debt for dollar-denominated security bonds. Individual Argentines will also be able to legally exchange pesos for dollars without a US
Along with the opening of the foreign exchange market, modifications were also introduced for foreign trade operators. From April 14, importing companies will be able to pay immediately for goods arriving in the country, eliminating the need to wait weeks or months as was the case with the previous system. This flexibility will be applied without distinction of products. The new scheme also impacts the payment of services acquired abroad, such as streaming platforms, online training or consultancies. According to the provisions, if the service provider does not have a corporate relationship with the buyer, payment may be made from the first day of use.
Mark Brennan, CEO and Chairman commented, "After years of significant inflation and restrictions on capital flows, the removal of currency controls is expected to significantly enhance our ability to operate in Argentina more effectively. In addition, as the success of this new policy unfolds, we expect the attractiveness of Argentina for resource investment will grow given the significant resource endowment in the country."
About Cerrado
Cerrado Gold is a Toronto-based gold production, development, and exploration company focused on gold projects in South America. The Company is the
In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas operation through continued operational optimization and is growing production through its operations at the Las Calandrias Heap Leach project. An extensive campaign of exploration is ongoing to further unlock potential resources in our highly prospective land package in the heart of the Deseado Masiff.
In Canada, Cerrado holds a
For more information about Cerrado please visit our website at: www.cerradogold.com.
Mark Brennan
CEO and Chairman
Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
mmcallister@cerradogold.com
Disclaimer
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cerrado, production forecasts and estimated ASIC for 2025 and beyond, the potential for additional crushing capacity that may be added and the performance of the heap leach pad, the possibility of commencing underground mining, the potential to produce iron concentrate grading in excess of
SOURCE: Cerrado Gold Inc.
View the original press release on ACCESS Newswire
FAQ
What are the key changes in Argentina's fiscal policy affecting Cerrado Gold (CRDOF)?
How will the removal of Argentina's capital controls impact CRDOF's operations?
What is the total financial support package announced for Argentina affecting CRDOF?
When will CRDOF be able to start repatriating profits from Argentina?
