MINING CODE

Law 27.111

Decree 456/1997. Amendment. Sanctioned: December 17, 2014 Enacted in Fact: January 20, 2015

The Senate and Chamber of Deputies of the Argentine Nation, meeting in Congress, etc., are sanctioned by law:

MODIFICATIONS TO CANON VALUES

ARTICLE 1-Substitute Article 31 of the Mining Code (text ordered by decree 456 dated 22 May 1997) by the following:

Article 31: Where the research work is carried out from aircraft, the permit may consist of up to twenty thousand (20,000) square kilometres per province, whether the applicant is the same or different persons and the time of the duration shall not exceed one hundred and twenty (120) days from the date of granting of the permit of the mining authority or of the flight authorisation issued by the aeronautical authority, whichever is the last. The application shall contain the programme of work to be carried out, in addition to the elements and equipment to be used. In the provinces whose territorial extension exceeds two hundred thousand (200,000) square kilometres, the permit may be up to forty thousand square kilometres without changing the time limit set. The permit will be granted without further processing and will be published by a (1) day in the Official Gazette. The publication will serve as sufficient summons to owners and third parties. The permit may not affect other mining rights previously requested or granted in the area. The applicant shall pay, on a provisional basis, a fee of four pesos ($4) per square kilometre to be made effective, in the form, opportunity and with the effects determined by Article 25 for applications for exploration permits. Within five (5) days of the request for permission, the petitioner must accompany a copy of the order of flight authorization filed with the aeronautical authority, under the penalty of filing an application without further processing. Applications that are not resolved within thirty (30) days of filing, due to lack of administrative impulse of the data subject, verified by the mining authority, will be automatically considered abandoned and will be archived no need for any requirement and notification. The permissions that are granted will be recorded in the log of scans and in the corresponding to the catstars.

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No successive permits of this kind may be granted on the same or part of the same zone, and must mediate between the expiration of one and the other's application, the period of one hundred and fifty (150) days. The mining authority may require the submission of the information and documentation referred to in the last part of Article 30, within the term and under the penalty provided by it.

ARTICLE 2-Substitute Article 215 of the Mining Code by the following:

Article 215: The fee shall be set at the following scale and scale: 1. For the substances in the first category set out in Article 3 and the production of rivers and the pleasures of Article 4 (a), provided they are exploited in establishments fixed pursuant to Article 186 of this Code, three hundred and twenty pesos ($320) per membership or unit of measure, in any of the forms set out in Articles 74 to 80. 2. For substances of the second category listed in Article 4 °, except those of (b), a hundred and sixty pesos ($160) per membership, in accordance with the measures of Title 9, Section 1, (a) the substances referred to in Article 4 (a) as soon as they are included in the preceding number and as soon as they are used for common use. 3. The provisional concessions for the exploration or search of the substances of the first and second category, whatever the duration, according to the provisions of this Code, will pay a thousand six hundred pesos ($1,600) per unit of measure or fraction, in accordance with the dimensions laid down in Article 29. 4. Mines whose domain corresponds to the owner of the land, once transferred to a third party or registered by the owner, will pay in the same way and scale of the previous articles, according to their category.

ARTICLE 3-Substitute Article 221 of the Mining Code by the following:

Article 221: Dealers of general sinkholes, in the case of Article 128 and Articles 124, 129 and 135, shall pay an annual fee of one hundred and sixty pesos ($160), in addition to the one corresponding to it, for each new mine (a) abandoned in accordance with the provisions of Articles 133 and 134; and in the case of Article 135, they shall also pay a fee of eight hundred pesos ($800) for each hundred (100) metres of the area declared as an area of exploration on each side of the work. As regards the obligation to invest capital, the sinkholes are subject to the provisions of this Code for common belongings.

ARTICLE 4 °-Commune to the national executive branch.

GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, AT THE SEVENTEENTH DAY OF DECEMBER OF THE YEAR TWO THOUSAND FOURTEEN.

-REGISTERED UNDER NO 27.111-

JULIAN A. DOMINGUEZ. -JOHN H. ESTRADA. -Lucas Chedrese. -Gerardo Zamora.

Date of publication: 26/01/2015

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