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Message: More Positive Peru Mining News
More positive news for the Peruvian Mining Sector:
Peru sees $30bln in mining investments over next five years
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Peruvian Finance Minister Luis Miguel Castilla. Photo: ANDINA/Hector Vinces -
Lima, Aug. 29 (ANDINA). The implementation of mining investment projects worth US$30 billion is guaranteed for the next five years, following last week's agreement between the Peruvian government and mining firms on a new windfall tax, Finance Minister Luis Miguel Castilla said Monday.
"Talks with the Society of Mining, Petroleum and Energy (SNMPE) have been very productive and helped ensure an inflow of at least US$30 billion in investments over the next five years," he said in an interview with Frecuencia Latina.
The government of President Ollanta Humala Tasso has reached an agreement with mining companies to increase their contributions toward the state to 3 billion soles (about $1 billion) a year, which could add some 15 billion soles to the public coffers over the next five years.
Castilla noted that three objectives will be achieved with this agreement: maximize resources for the State, maintain competitiveness in the mining sector and maintain legal stability.
"Legal stability agreements were very important to ensure that mining companies voluntarily agree to this new regime. We also managed to correct certain distortions in the current scheme which was a fairly regressive one," he said.
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