Vancouver-based Argentex Mining Corp. said Friday that Argentina's new decree tax repatriation law will not affect the company in the near term.

Ken Hicks, president of Argentex, says that their Argentine legal counsel advised the company that because Argentex does not currently export any mining or energy products from Argentina, this decree does not have any immediate impact on our company...our interpretation of this decree is that mining and oil and gas companies will still be able to send profits abroad.

Argentina's government passed decree 1722/2011 and it became effective as of Wednesday.

The decree requires all export revenues generated by mining, oil and gas to be repatriated into Argentina for local foreign-exchange conversion prior to transfer overseas.