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Social unrest in Peru this year led to lower production of about 150,000t of copper, according to estimates by mining-energy association SNMPE.
In a conference organized by the Peruvian Institute of Mining Engineers, association head Raúl Jacob said that if 100,000t are not produced, the State loses 1.45bn soles (US$363mn) in taxes.
That amount, he added, compares to the 1.2bn soles a year the economy and finance ministry estimates it can collect by increasing tax rates on mining companies.
At the beginning of this year, the government projected copper production of 2.5Mt, considering the start of operations of Mina Justa owned by Marcobre and companies taking advantage of high prices. However, production of 1.9Mt as of October means the goal is unlikely to be reached.
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