Mining companies agree to pay Peru an extra billion dollars annually

Friday, August 26th 2011 - 02:52 UTC

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Peru has reached an agreement with mining companies that will raise the industry’s annual payments to the government to about one billion dollars, the government said on Thursday, fulfilling a campaign promise by President Ollanta Humala. Read full article

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lsolde
Don't stifle investment but make the mining companies pay a fair tax on the profits that they make from the country's(people's)mineral wealth.
No snouts in the trough, put the money into hospitals, schools, agriculture, roads etc.
Can Peru do it? l hope so.
Aug 26th, 2011 - 11:11 am - Link - Report abuse 0
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Fido Dido
Can Peru do it? Yes, it's already happening, though they have a long way to go like many other nations in South America, specially in the remote areas (Andes and Amazon) they need more of those social investments.
This is the right way for Peru who is on the right track and needs more money to expend it's social programs without hurting it's investors. You don't do that by just printing money aka stimilus packages. So far, most private and public investments are in the Lima/coast area and that bothers many people outside of Lima, because Peru isn't only Lima. Mining companies will make more money, so they can afford to pay more to help building up the nation. They won't leave, because they can make money in Peru and they know that. Again, this is the way to do it and would not happen if Keiko would win the elections. Why? that goes against the so called “Free traders ideology” what is being taught at those so called ivy league universities (Free trade for big business is good, at any costs). But this time their trick won't work and just have to work with the reality, pay as you go.
Aug 26th, 2011 - 04:49 pm - Link - Report abuse 0
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lsolde
Agreed, my brother is a mining engineer in Peru & he tells me that the country is a treasure house of mineral wealth. As long as Peru can control its own resources in the future maybe the Sol will become the new lnternational currency!
Aug 27th, 2011 - 12:08 am - Link - Report abuse 0
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