Peru mining firms brace for change
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The sudden rise of radical-left outsider Pedro Castillo has rattled Peru’s political and business elite and could have a major impact on the vital mining industry in the world’s No.2 copper producer
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CASTILLO’S PROPOSALS ON MINING

More than double state share of mining profits to 70%, using funds to boost healthcare and education
 
New taxes on profits and royalties for mining sector

Renegotiate some 25 tax stability deals with large mining companies to buffer investors from political or economic upheaval

Castillo also seeks referendum to rewrite 1993 constitution “to end
all inequalities”
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TOP COPPER PRODUCERS (Millions of tonnes, 2020)
Chile   5.7 million
Peru 2.5 million
China   1.7
DR Congo 1.3
U.S. 1.2
Australia 0.9
Russia 0.9
 
World total: 20 million (rounded) 

China is largest buyer of Peruvian copper, used for everything from construction to electric cars
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Sources: Reuters, Mining.com, USGS

Pictures: AP, Getty Images © GRAPHIC NEWS
 
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