Press Release

MINEM signed four new mining exploration contracts

Bnamericas Published: Monday, October 24, 2022
MINEM signed four new mining exploration contracts

This is an automated translation of the original MINEM release published in Spanish.

Peru continues to call for more mining investments and, between June and September, signed four Exploration Investment Contracts in Cusco, Moquegua, Puno and Tacna, accepting exploration projects for tax benefit under Law No. 27623, which ratifies the confidence of business to work in our country, reported the Ministry of Energy and Mines (MINEM).

Exploration is one of the first activities to be carried out for the discovery of geological reserves by mining titleholders, this helps to promote the reception of new national and foreign investments. Likewise, actions are being articulated in order to expand the definitive return benefit of the IGV and IPM in the mining exploration stage with the extension of Law No. 27623, so that more companies avail themselves of said benefit and invest in mining exploration, considered a very high risk that is subject to variables such as the discovery of mineral reserves, metal prices, financing and other variables typical of a mining exploration project.

A first contract was signed on June 2 with AMG Auplata Mining Group Peru SAC, a subsidiary of AMG, a French-owned company that seeks to develop the San Miguel mining project in the Cusco region, with investments of more than US$893,000, between June and September for their gold and silver exploration work.

A second contract was signed on September 5 with the company Magma Minerals SAC, a subsidiary in Peru of the Canadian Tier One Silver, to carry out exploration tasks in the Curibaya mining project, located in the Tacna region and with the potential to exploit silver, with an investment that exceeds US$2.7 million.

A few days later, on September 7, the MINEM, through its General Directorate of Mining, signed a new exploration contract with Kiwanda SAC, a subsidiary of the Australian company Valor Resources, to carry out exploration activities in the Picha mining project in Moquegua, committing investments for more than US$1.1 million.

And on September 14, the signing of the exploration contract with Aftermath Silver Perú SAC, a subsidiary of the Canadian Aftermath Silver Ltd. , was registered, in order to develop the Berenguela project in the Puno region, with an extractive potential in silver, copper and manganese, committing an investment of more than US$542,000.

For the MINEM, these agreements reached with important companies consolidate the image of Peru as an investment destination, confirming confidence in our country and its high position on the international stage to develop new initiatives that value its mining potential.

It should be remembered that the 2022 Mining Exploration Project Portfolio consists of 63 mining projects located in 17 regions of the country, contemplating a global investment of US$586 million, and the MINEM management works to continue calling for more investment initiatives for the benefit of the country.

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