Friday, March 31, 2017 2:08:24 PM
Paul Benson , President and CEO of Silver Standard said, "Resolving the outstanding export duty dispute with the Argentine tax authorities provides us with the certainty required to exercise our option on the Chinchillas project. We are now moving forward to focus on making Chinchillas a successful mine development that extends the life of our Pirquitas operation well into the next decade and enables us to evaluate the viability of an underground operation at Pirquitas."
Pirquitas entered into a fiscal stability agreement with the Federal Government of Argentina in 1998 for production from the mine. In December 2007, the National Customs Authority of Argentina (Dirección Nacional de Aduanas) ("Customs") levied an export duty of approximately 10% from concentrate for projects with fiscal stability agreements pre-dating 2002 and Customs asserted that the Pirquitas mine was subject to this duty. We challenged the legality of the export duty applied to silver concentrate, thereby accruing a provision for the export duty on silver concentrate of $67.1 million as of December 31, 2016. The entry into the moratorium resolves this long-standing dispute. The Argentine government removed export duties on mineral concentrates in February 2016.
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