Peru’s private-sector Mining, Petroleum and Energy Society will file a legal suit if President Alejandro Toledo fails to veto a new law that obligates all mining companies, even those with tax stability agreements, to pay royalties. (…)
Among others, the companies include the giant Minera Yanacocha SRL gold mine, operated by Newmont Mining Corp. (NEM), copper miner Sociedad Minera Cerro Verde SAA, (…) and copper miner Tintaya, operated by Swiss-based Xstrata PLC (XTA.LN).
Oscar Gonzalez, vice president of the society (….) told CPN radio that the new law on royalties was more harmful than any conflicts between communities and mining projects as it threatens future investment in the sector.