Peru Gov't, Miners Reach Deal to Increase Royalties

Source:

"Humala had vowed to tax mining companies' windfall profits to bolster social programs in a country where one of every three people is poor."

Reuters, Caroline Stauffer and Patricia Velez

Peru has reached an agreement with mining companies that will raise the vital industry's annual payments to the government to about $1 billion, the government said on Thursday, fulfilling a campaign promise by leftist President Ollanta Humala.

Humala took office in late July, vowing to tax mining companies' windfall profits to bolster social programs in a country where one of every three people is poor. Mining accounts for 60% of Peru's export revenue. . .View full article

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