EXCLUSIVE Peru’s Castillo expects mining firms to accept ‘prudent’ tax changes, adviser says – by Marco Aquino (Reuters – July 6, 2021)


LIMA, July 6 (Reuters) – Peru’s socialist president-in-waiting expects mining firms enjoying high metals prices to be won over to “prudent” plans to hike taxes on mineral resources, a top adviser told Reuters on Tuesday.

In a sign that the gap between the business sector in the world’s no. 2 copper producer and the incoming leftist government is closing, Pedro Francke, Castillo’s economic adviser, said he expected firms would not oppose a planned review of tax rules after dozens of meetings with businesses.

Castillo is set to be confirmed president after a review of ballots from the June 6 vote. The political novice and former teacher has rattled Peru’s elite with plans to redraft the constitution and sharply hike taxes on miners he once said had “plundered” the country’s wealth.

But as he has approached power Castillo has moderated his rhetoric, and Francke has also sought to calm market concerns. He told Reuters he had held dozens of virtual meetings in recent weeks with domestic and foreign investors and some business leaders from the mining sector.

For the rest of this article: https://www.reuters.com/world/americas/exclusive-perus-castillo-expects-mining-firms-accept-prudent-tax-changes-adviser-2021-07-06/