Peru's finance minister, Pedro Francke, told Reuters on Monday that the new leftist government is confident it can increase mining taxes without affecting private-sector competitiveness, as long as metal prices remain high.
Peru, the world's No. 2 copper producer, is highly dependent on mining to finance public spending and new President Pedro Castillo has promised to deliver increased spending on social programs to lift the country's poor.
Francke, a moderate left-wing economist, told Reuters in an interview that the government is working hard to regain investor confidence. Key to that plan is raising taxes on miners, Francke said, though he played down a suggestion by Castillo during his campaign that tax stability deals agreed with some companies would be torn up."As time passes, you are losing revenue," he said.
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