Peru Mining Industry Fiscal Regime Analysis – Governing Bodies, Regulations, Licensing Fees, Taxes, Royalties, 2023 Update

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Peru Mining Industry Overview

Peru is rich in minerals and a major producer of base and precious metals. The Peruvian mining industry plays a significant role in the country’s economic development. The total mining investments reached $5.4B in 2022. Peru is the second largest copper producer in the world, also producing gold, silver, zinc, among other minerals. These investments were made by different countries across the world with China leading the list by holding 19.7% of the total investment portfolio, followed by Mexico and Canada.

The Peruvian mining industry report provides comprehensive coverage of the Peru’s mining fiscal regime. It provides information on governing bodies, laws, and regulations. The report also includes mining-related taxes and royalties.

Governing Bodies Ministry of Energy and Mines (MINEM), Ministry of Environment (MINAM), and Geological Mining and Metallurgical Institute
Key States Cajamarca, Ancash, Arequipa, Lima, Puno, Cusco, Pasco, San Martin, and Moquegua
Taxes and Royalties Corporate Income Tax, Sales Tax, Withholding Tax, and Royalty Rate
Key Minerals Copper, Gold, Zinc, Silver and Lithium
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Peru Mining Industry Dynamics

Peru was ranked 76th among 190 countries covered by the World Bank’s 2020 Ease of Doing Business Index. The mining industry in Peru is regulated by laws such as the General Mining Law, Mining Canon Law, Law Regulating Environmental Liabilities of Mining and the General Law of the Environment. Mining license holders are required to pay Mining Concession Fees every year and satisfy the minimum production criteria, failing which can attract penalties and may result in the extinction of rights. There are provisions of tax incentives, tax loss relief and capital allowances, which can be used by mining entities based on the fulfilment of certain conditions.

A competitive costs and tax framework, coupled with favourable trends in metal commodities, makes Peru an attractive place for investors to develop mining activity in the country. Currently, the country is focused on developing 74 exploration projects, with a joint investment of $596M.

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Peru Mining Industry - Key Governing Body

The Peruvian mining industry is governed and regulated by different authorities, which focus on several aspects such as administration, environment and health and safety. Some of the chief agencies include the Ministry of Energy and Mines, Geological Mining and Metallurgical Institute, the Supervisory Organization of Investment in Energy and Mining, and the Organization of Supervision and Environmental Assessment.

Ministry of Energy and Mines (MINEM): The General Directorate of Mining, the line unit of MINEM, reports directly to the Office of the Vice Minister of Mines, which is responsible for regulating and promoting mining activities, safeguarding the rational use of mining resources, and minimizing damage to the environment.

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Peru Mining Industry – Mining Investments

Exploration investments are a fundamental pillar in mining activity. Peru has shown to be an excellent destination for these types of investments due to its vast geological potential. Peru has around 74 exploration projects with a global investment of $596.1M spread across 17 states. Of the total, Cajamarca accounted for the highest share of the total investment, followed by Ancash and Arequipa. Of the 74 projects, copper ranks first with 39 projects ($284M), followed by gold with 18 projects ($220M), zinc with 9 projects ($47M), and silver and lithium together with 8 projects ($46M).

Peru Mining Industry Investments by State (%)

Peru Mining Industry Investments by State (%)

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Peru Mining Industry – Taxes and Royalties

The main taxes applicable in the Peru mining industry are Corporate Income Tax (CIT), Tax Loss Relief, Capital Allowances, and Other taxes.

Corporate Income Tax (CIT): Companies incorporated in Peru (also known as tax resident companies) are subject to corporate income tax (CIT), which is calculated on their global taxable income. However, non-resident entities or permanent establishments of foreign companies are taxed on their Peruvian income only. Mining companies are subject to a general corporate tax regime. Companies which have signed a Stabilization Agreement, however, are required to pay an additional tax of 2%. Therefore, the total corporate income tax payable by these companies becomes 31.5%.

For more insights on the taxes and royalties in the Peru mining industry market, download a free sample report

Scope

The report focuses on the mining fiscals’ key aspects such as governing bodies, laws and regulations, governance frameworks, and sustainability practices. The report also includes mining related taxes and royalties.

Reasons to Buy

  • To help businesses navigate the complexities and comply with the necessary requirements.
  • Obtain up-to-date information on mining sector taxes and payments.
  • Enhance your decision-making capability in a more rapid and time-sensitive manner.
  • Conduct analysis to mitigate the impact of regulatory changes.
  • Understand the regulatory framework.
  • Gain an overview of the mining industry structure by identifying Peru’s mining governing bodies, major laws, and licenses.

Table of Contents

Executive Summary

Country Overview

Mineral Overview

Mining Investments

Government Bodies

Laws and Regulations

Taxes and Royalties

Political Challenges

Sustainable Mining Practices

Appendix

Table

Table 1: Classification of mining activities in Peru, 2022

Table 2: Mining rights

Table 3: Concession fees, 2022

Table 4: Maximum depreciation rates under general tax rule, 2022

Figures

Figure 1: Country overview, 2021

Figure 2: Nominal GDP ($ Billion) and real GDP growth rate (%), 2001–2021

Figure 3: Mining investment and exports, 2011–2021

Figure 4: Corruption perception index rank, 2015–2021

Figure 5: CPI ranking, 2021

Figure 6: Mineral production trend, 2011–2021

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