Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
The Supreme Court of Peru has ruled in favour of a farmer that Newmont Mining (NYSE:NEM) claimed was illegally occupying land it wanted to develop into the Conga mine.
The U.S.-based gold miner appealed a decision by a lower court in 2014 that ruled in favour of potato farmer Máxima Acuña.
Community opposition to the $5 billion copper and gold project forced Newmont to walk away from it last year.
Acuña, who has been at the forefront of the opposition against the Conga project since it was first proposed in 2010, was awarded the Goldman Environmental Prize.
Newmont decided to halt construction work at the project in November 2011, after violent protests led by governor Gregorio Santos forced the country’s government to declare a state of emergency.
Minera Yanacocha, one of the two local companies working with Newmont on the now mothballed project, tried hard to win local support, but was unable to secure it.
“I feel happy and relieved that here in the capital [the court] has also provided justice,” Acuña said after the Supreme Court decision. Reuters reported Acuña saying her home was destroyed during the mine’s construction. Minera Yanacocha took her to court for “usurping” its land.
Output from Conga was supposed to replace production from the nearby Yanacocha mine, which is running out of gold.
5 Comments
JoeNormal
Well, I hope the Peruvian people understand, when the tax money stops coming in, wherein the problem lies. Meanwhile, Illegal gold exports from artisanal mining soar….and the rivers are polluted by the illegal mines, which don’t abide by any laws….especially environmental regulations.. Great stuff.
Estique Pampa
Joe Normal, you are an idiot ! The poor Peruvian farmers never receive squat from the mining industry, aside from polluted lakes and streams, etc. wake up ! The illegal mining is another issue !
Jim Cammenga
I think you are missing joes point. The revenue the Peruvian govt gets from taxes paid by the mining company’s pays for building roads. Hospitals. Infrastructure. Research into how to produce more and better potatoes. This poor farmer was probably conned into this lawsuit by a bunch of fraudulent environmentalist that will now abandon him as they take aim at their next target.
Pitchblende
What a girl. Newmont can have it, as far as I’m concerned.
Mining Suppliers Perú
Efectivamente sucede eso y mas con la MInera Yanacocha ! debe haber alguna salida o negociación razonable de mutuo consenso ! Ambos se necesitan y el País…