New Resolutions of the Federal Mining Secretariat
The following is a summary of the recent resolutions issued by the Federal Mining Secretariat ("FMS"):
FMS Resolution 50/2022 - Deadline extensions
Resolution No. 50/2022 of the FMS, published in the Official Gazette on 10/31/2022, extends for 180 days the deadline set for the rendering of the funds received by the Provinces, in connection with the Projects set up under the "Plan Nacional de Minería Social", under the "Plan Nacional de Huellas Mineras" and the scope of other social programs or initiatives of different fiscal years.
The Resolution reaches the Provinces that have funds which have not been allocated to each project submitted within due deadlines. The Resolution authorizes the Provinces to: (i) return those funds; or, (ii) declare their intention to reallocate those funds to a new project that is compatible with the guidelines of the regulations in force.
FMS Resolution 53/2022 - Launch of the Federal Project
Resolution No. 53/2022, published in the Official Gazette on 10/31/2022, establishes the Federal Project on Strengthening Capacities for the monitoring of environmental variables in Mining (the "Federal Project").
The Federal Project’s objectives are: (a) to cooperate and assist all the provinces of Argentina in the assessment and environmental control of mining projects; (b) to promote training actions aimed at strengthening the agents in charge of carrying out such control; (c) to promote inter-institutional agreements aimed at fostering cooperation in infrastructure, knowledge, and control and diagnostic tools; (d) encourage greater participation of communities, academic entities and other interested parties in the planning and execution of mining environmental monitoring actions; (e) generate a framework for greater disclosure of the results of mining environmental monitoring, through instruments that guarantee greater transparency in the sector; and (f) contribute to financial assistance mechanisms for the incorporation of the necessary infrastructure to establish better control.
For further information, please contact either Dolores Reyes, Marcos Moreno Hueyo, or Nicolás Eliaschev.
Municipality of Cordoba’s Green and Infrastucture Bond Issuance for AR$ 2,846,069,500
Legal counsel to the Municipality of Córdoba, as issuer, in the issuance of Municipality of Córdoba’s Debt Securities Series I and Debt Securities Series II (the “Debt Securities”). The payments due under the Debt Securities are secured by certain rights of the Municipality to collect certain contribution charges over the commercial, industrial and services activity. Series I was issued on October 27, 2022, for AR$ 2,000,000,000 at an annual floating interest rate equivalent to Badlar plus 7.75%, due on October 27, 2025. Series II was issued on October 27, 2022, for AR$ 846,069,500 at an annual floating interest rat equivalent to Badlar plus 8.50%. Series I was qualified as Green Bonds, and it is the first public bond to be incorporated as green bonds into the “Panel de Bonos Sociales, Verdes y Sustentables” from Bolsas y Mercados Argentinos S.A.
Legal Advice in Petrolera Aconcagua Energía S.A.’S Class I Notes Issuance
Counsel to Petrolera Aconcagua Energía S.A. and Banco de Servicios y Transacciones S.A. in the issuance of Petrolera Aconcagua Energía S.A.’s 0% Class I Notes for US$ 12,000,000 issued on October 11, 2022, and due October 11, 2025, under its US$ 100,000,000 Global Notes Program.
Banco de Servicios y Transacciones S.A. acted as arranger and placement agent, and Banco Mariva S.A., Banco Supervielle S.A., SBS Trading S.A., Consultatio Investments S.A., Allaria Ledesma & Cía. S.A., AdCap Securities Argentina S.A. y Portfolio Investment S.A. acted as placement agents.
Legal Counsel to Banco CMF S.A. in the Issuance of Series 14 Notes for AR$ 2,500,000,000
Legal counsel to Banco CMF S.A. as issuer, placement agent and settlement agent in the issuance of its Series 14 floating rate Notes for AR$ 2,500,000,000 due October 3, 2023. The Series 14 Notes were issued on October 3, 2022 under the Global Notes Program for an amount of up to US$25,000,000.
Municipality of Cordoba’s Series XLV Treasury Notes Issuance for AR$ 1,500,000,000
Legal counsel to the Municipality of Cordoba, as issuer, Banco de la Provincia de Córdoba S.A., as arranger and placement agent, and to Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., Adcap Securities Argentina S.A., Banco de la Ciudad de Buenos Aires, Banco Hipotecario S.A., SBS Trading S.A., Banco Comafi S.A., Nación Bursátil S.A., and Banco de Galicia y Buenos Aires S.A.U., as placement agents, in the issuance of Municipality of Cordoba’s Series XLV Treasury Notes (the “Treasury Notes Series XLIV”), under the Municipality of Cordoba’s Treasury Notes Issuance Program. The payments due under the Treasury Notes Series XLV are secured by certain rights of the Municipality to collect certain contribution charges over the commercial, industrial and services activity. The Treasury Notes Series XLV were issued on September 13, 2022, for AR$ 1,500,000,000 at an annual floating interest rate equivalent to Badlar plus 2.64%, due on July 10, 2023.
Legal Advice in the Issuance of Series X Notes of MSU S.A. for US$ 24,500,000
Counsel to Allaria Ledesma & Cia S.A., Balanz Capital Valores S.A.U., Banco Galicia y Buenos Aires S.A.U., Banco Supervielle S.A., Banco Itaú Argentina S.A., Industrial Valores S.A. and Itaú Valores S.A. as arrangers and placement agents, in the issuance of MSU S.A.’s 7,5% Series X Notes for US$ 24,500,000 issued on September 12, 2022, and due September 12, 2024, under its US$ 100,000,000 Global Notes Program.
Allaria Ledesma & Cia S.A., Balanz Capital Valores S.A.U., Banco Galicia y Buenos Aires S.A.U., Banco Supervielle S.A., Banco Itaú Argentina S.A., Industrial Valores S.A. and Itaú Valores S.A. acted as arrangers and placement agents. Allaria Ledesma & Cia S.A. also acted as Settlement Agent for the Series X Notes.
Our Firm adds new Partner and Practice Area
Marcos Moreno Hueyo joins Tavarone, Rovelli, Salim & Miani as Partner, bringing his expertise in the Mining Industry to an already established and leading Natural Resources, Energy and Infrastructure practice comprising ten lawyers fully dedicated to this area to which Marcos will join.
This step is another milestone in the Firm’s long-term growth strategy. A strategy that focuses on building up practices which add value to clients by providing dedicated advice to businesses and industries requiring intensive and timely legal support with the highest quality standards.
Marcelo Tavarone, the Firm’s Managing Partner states: “We see a strong opportunity for growth in the Mining Industry, an area where Argentina’s natural resources availability are unparalleled and where there is a policy consensus that such resources need to be fully developed.”
Nicolas Eliaschev, a partner with a focus on Energy and Infrastructure, further affirms: “At the Firm we see a natural synergy between our already burgeoning Energy Practice and the addition of a Mining Industry expertise. The Mining Industry is both an Energy large consumer as well as a provider of key raw materials to support the Energy transition. From this standpoint, adding Marcos to our partner roster is a logical step.”
Furthermore, synergies between the Firm’s leading banking and corporate teams and the new Mining Practice will also be relevant to the Firm’s growth and full-service capabilities.
Marcos Moreno Hueyo graduated as lawyer from the Universidad de Buenos Aires (2004). He earned his LLM in Comparative Law from Northwestern University School of Law (Chicago, 2008) and, additionally, he achieved a Postgraduate Degree in Mining Law from the Universidad Finis Terrae, graduating with the highest distinction of his class (Santiago de Chile, 2015).
He focuses his practice on the Mining Industry. Prior to joining the firm, Marcos worked for several years in the Mining Industry Practice of other renowned Law Firms, both in Argentina and in Chile, advising international mining companies. During his years in Chile, he was also General Counsel of the mining company Orosur Mining Inc.
He specializes in advising senior and junior mining players, mainly in complex transactions, as well as corporate governance matters related to TSX listed mining companies.
Marcos has been recognized as leading Mining Law professional by Chambers Latin America, The Legal 500 and Who's Who Legal.
Tavarone, Rovelli, Salim & Miani is proud to have Marcos among its members, as his joining strengthens the Firm and bolsters its long-term growth strategy.
“CFA CRÉDITOS II” Financial Trust for AR$1,980,000,000
Deal counsel in the issuance and placement in Argentina of trust securities for AR$1,980,000,000 issued under the “CFA CRÉDITOS II” Financial Trust, in which Compañía Financiera Argentina S.A. (Efectivo Sí) acted as trustor, arranger, collection agent and placement agent, TMF Trust Company (Argentina) S.A. acted as financial trustee, and Banco Patagonia S.A. acted as arranger and placement agent.
Issuance of Series V Notes of Albanesi Energía S.A. for US$ 16,933,400 and Series VI Notes of Albanesi Energía S.A. for $1,191,500,000
Counsel to Banco de Servicios y Transacciones S.A. and SBS Capital S.A. as arrangers, and to SBS Trading S.A., Banco de Servicios y Transacciones S.A., Balanz Capital Valores S.A.U., Facimex S.A., Invertir en Bolsa S.A., Banco Hipotecario S.A., Nación Bursátil S.A., Banco de la Provincia de Buenos Aires, AWM Valores S.A., Macro Securities S.A., Banco Supervielle S.A., Supervielle Agente de Negociación S.A.U., BACS Banco de Crédito y Securitización S.A., Allaria Ledesma & Cía S.A. and Adcap Securities Argentina S.A., as placement agents, in the issuance of Albanesi Energía S.A.’s 2,75% Series V Notes for US$ 16,933,400 due August 22, 2024, and floating annual interest rate Series VI Notes for $1,191,500,000 due August 22, 2023, both issued under the Global Notes Program for an amount of up to US$ 250,000,000.
SBS Capital S.A. and Banco de Servicios y Transacciones S.A. acted as arrangers, and SBS Trading S.A., Banco de Servicios y Transacciones S.A., Balanz Capital Valores S.A.U., Facimex S.A., Invertir en Bolsa S.A., Banco Hipotecario S.A., Nación Bursátil S.A., Banco de la Provincia de Buenos Aires, AWM Valores S.A., Macro Securities S.A., Banco Supervielle S.A., Supervielle Agente de Negociación S.A.U., BACS Banco de Crédito y Securitización S.A., Allaria Ledesma & Cía S.A. and Adcap Securities Argentina S.A. acted as placement agents of Series V Notes and Series VI Notes.
Legal Advice in the Issuance of Series 8 Notes of CT Barragán S.A. for AR$ 4,235,555,555
Counsel to Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Banco de Servicios y Transacciones S.A., HSBC Bank Argentina S.A., SBS Trading S.A., Banco Mariva S.A., Banco Hipotecario S.A., Invertir en Bolsa S.A., BACS Banco de Crédito y Securitización S.A., Cocos Capital S.A., Nuevo Banco de Santa Fe S.A., Banco Patagonia S.A., Allaria Ledesma & Cía S.A., Adcap Securities Argentina S.A., Balanz Capital Valores S.A.U., BNP Paribas Sucursal Buenos Aires, TPCG Valores S.A.U. and Banco Comafi S.A. as placement agents, in the issuance of CT Barragán S.A.’s floating annual interest rate Series 8 Notes for AR$ 4,235,555,555 due February 22, 2024. The Series 8 Notes were issued on August 22, 2022 under the Global Notes Program for an amount of up to US$400,000,000. The Series 8 Notes have a personal guarantee, subject to a resolutory condition granted by YPF S.A. and Pampa Energía S.A.
Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A.U., Banco de Servicios y Transacciones S.A., HSBC Bank Argentina S.A., SBS Trading S.A., Banco Mariva S.A., Banco Hipotecario S.A., Invertir en Bolsa S.A., BACS Banco de Crédito y Securitización S.A., Cocos Capital S.A., Nuevo Banco de Santa Fe S.A., Banco Patagonia S.A., Allaria Ledesma & Cía S.A., Adcap Securities Argentina S.A., Balanz Capital Valores S.A.U., BNP Paribas Sucursal Buenos Aires, TPCG Valores S.A.U. and Banco Comafi S.A. as placement agents of Series 8 Notes. Banco de Galicia y Buenos Aires S.A.U. also acted as Settlement Agent for Series 8 Notes.