Mining News

Archive for the ‘Starting Mining’ Category

Unlike the oil sector where the fee shall be applied as a share of the value of production minus the costs of transportation and distribution until the point where control values ​​the oil, the oil charge in practice is funded by various taxes generated in the value chain, from royalties, income taxes, and tariffs and other. Where thanks to the Law No. 29693, canon oil has increased from 10% of the value of oil production to 15%, and sobrecanon from 2.5% to 3.75%, putting the departments of Piura, Loreto, Ucayali, Tumbes.

In contrast, the mining canon depends on the income tax paid by mining companies, therefore is subject to a number of deductions own items that make up the cost of sales, selling expenses, administrative and financial expenses.

Thus, by law the State has determined that 50% of income tax paid by mining companies mining canon becomes distributed in a 10% producer in the district where the unit operates mining, 25% between district municipalities the province where mineral resources are extracted, 25% for the regional government that includes 5% for public universities and the rest 40% from local government department where exploiting mineral resources.

Therefore we affirm that the mining canon is not a real canon as its source is the income tax, an income that is derived, which is subject to a number of deductions and benefits that mining companies because of the attractive framework to attract private investment, especially crime, in a model that is being challenged by reality, through the many social conflicts, especially the negative externalities, i.e. the environmental mistakes that have no counterpart in the effective remediation (liabilities environmental) and poor penalties for violators, sleeping “the sleep of the just” in the judiciary.

Thus, various tax benefits that range from the reinvestment of profits allowed deducting up to 80% of income tax for purposes of reinvestment (Mar. Antamina, Mra. Cerro Verde), accelerated depreciation, the ability to deduct expenses exploration of the income tax as business profits distributed. The exemption of selective consumption on diesel or residual fuel used in electricity generation in the service of mining companies.

The governor of San Juan, José Luis Gioja, today announced it will convene international companies to measure the environmental impact produced by mining, said mining will transform the state structure, and said that will change the system of royalties paid by foreign companies exploit gold and silver mines of the province.

It did during the opening ceremony of the productive phase of the Casposo gold mine located in the Andean department of Calingasta 300 kilometers from the capital of San Juan and will be operated by the Canadian company Troy Resources.

In the mountainous town about 40 kilometers from the border with Chile, Gioia confirmed the change in the scheme of the royalties, the outsourcing of environmental controls and the study of changes within the Provincial Institute of Exploration and Mining Activities (IPEEM) that ” project could become a state mining company. “

The governor said he is “working on a statement to call an international tender for the best consulting firms in the world are those that audited the mining work and every six months or within a certain time, give a report on the environmental impact and pollution levels in all mining projects. “

The measure, Gioia acknowledged that seeks to “end the controversy, because if you do not believe the government, you can believe companies dedicated mainly to do the job.”