Metal Investment News
IMF GIVES THUMBS UP TO PERUS NEW MINING LAWS
October 7, 2011 by metalinvestmentnews
Peruvian President Ollanta Humala signed three new bills into law, raising mining taxes and royalties.
Miners will now pay royalties based on operating profits and “windfall profits”, rather than net sales.
The new taxes are expected to raise an additional billion dollars a year for the Peruvian government. The International Monetary Fund has endorsed the new scheme as fair and workable.