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Peru: Mining Co's Making a Mint, Tax Free
Author: Milagros Salazar, IPS news, Published on: 2 February 2010
Experts and activists in Peru complain that while mining corporations are cashing in on soaring metals prices, they continue to enjoy exemption from royalties and corporate taxes…One example of the losses that such contracts represent for government coffers was the 270 million dollars in taxes and royalties that Antamina SA - a joint venture between…Xstrata…BHP Billiton…Teck Cominco...and…Mitsubishi Corporation will not have to pay this year…[T]he company…took in earnings of over six billion dollars in the 2006-2009 period…[T]ax stability contracts…benefit…the biggest mining corporations in Peru, including Xstrata, Teck Cominco…Newmont Mining, and…Barrick Gold…Protests…over the loss of…tax revenue prompted…[Antamina] and provincial authorities to reach an agreement for a 24 million dollar payment by Antamina…described by the firm as a measure aimed at mitigating possible impacts from the drop in taxes…But social organisations have opposed the agreement, complaining that they were not consulted.