Peru Looks to Increase Mining Taxes

By Joel ScanlonJan 30 2011

In Peru the presidential candidate Alejandro Toledo said that the mining companies need to give more of the revenue they generate to support the nation’s social programs.

With metal prices soaring the mining companies would be made to redefine their contracts after they expired.

Speaking in Lima Toledo said that the tax revenue which is currently 15 % of gross domestic product needed to be increased to finance public spending in the Andean nation. He said that he was not someone who was going to change the rules of the game but someone who was going to demand the benefits of growth are shared more equally.

Toledo was president of Peru from 2001 to 2006. If he returns to power the government may change its mining royalty system to tap the surging metal prices for extra revenue. He said that this country could not face its challenges alone.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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