Peru is looking to update mining laws in the country but will not make any important changes on taxes to these companies.
According to Finance minister Carlos Oliva, each case will be evaluated individually. However, “that shouldn’t be the focus because we believe the tax burden for mining companies is currently around the international average and we don’t want to lose competitivity,” he added, according to Reuters.
Some of the international mining companies operating in Peru are Freeport McMoRan Inc, Glencore PLC, Newmont Mining Corp and Southern Copper Corp. This last one is the second-largest copper producer in the world and the largest gold producer in Latin America.
Peru’s President, Martin Vizcarra said that his government would send Congress a proposal to update laws related to mining in the country, which date back to almost three decades.
“His announcement came after Elmer Caceres, governor of the southern region of Arequipa, called for a review of Peru’s general mining law to ensure communities and regions benefit as much as mining companies”, Reuters informed.
In addition, Vizcarra authorized the army to maintain order at a key mining port last Sunday before an expected new round of protests against the Tia Maria project began.
Cover Photo Pxhere.