Peru’s finance chief says mining taxes can rise without affecting competitiveness

A company owned by Russian billionaire Alisher Usmanov is in talks to raise $1.25 billion from Russian banks by the start of 2019 to build a massive mining and metallurgical plant at Russia's biggest untapped copper deposit.

Polyus.

Spurred by high global appetite for cooper, the company in September started preparing the site for construction of a massive plant at the deposit.

In just five years, Anglo assembled marketing operations that now sell more metals than the company produces.

The Canadian miner may slash 400 jobs and involve Chinese partners in its troubled Tanzania operations.

About $816 million will be invested in Peru, including $555 million in copper projects and $216 million in zinc.

The government considers minerals with the "strategic" designation important for the economic, social and industrial future of the country.

Congo’s updated mining code established the category of “strategic” minerals, to which a rate of 10 percent will apply.

The proposed tax, to be applied on the nominal value of extracted metals, would affect copper miners that produce more than 12,000 tonnes of the metal and those extracting 50,000 tonnes of lithium a year.