NEWS
23
2023
-
02
Peruvian Liberal legislators introduced the copper nationalization bill
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According to the BNAmericas website, some parliamentarians from Peru's ruling Liberal Party submitted a bill last Thursday (2nd) proposing to nationalize copper mine development and establish a state-owned enterprise to operate the Bamas copper mine, which accounts for 2% of global production.
The bill, numbered 2259, was introduced by Margot Palacios, a far-left Liberal MP, to "regulate the exploitation of existing copper resources on Peruvian territory," which is estimated at 91.7 million tons.
Therefore, paragraph 4 of the Act provides for the establishment of the National Copper Company, which is a legal entity under private law and enjoys exclusive rights to explore, develop and sell.
However, the bill stipulates that the current cost of repairing mining damage and existing liabilities are "the responsibility of the company that produces these consequences".
The bill also authorizes the company to "renegotiate all existing contracts to accommodate existing regulations."
In Article 15, the bill also proposes the creation of a state-owned Banbass company to operate exclusively copper mines in indigenous communities such as Huancuire, Pumamarca, Choaquere, Chuicuni, Fuerabamba and Chila, in Cotabambas, Apurímac.
To be precise, these communities are currently confronting Minmetals Resources (MMG), which operates the Bambas copper mine, accusing MMG of failing to meet its social development commitments and halting Bambas copper production for 50 days.
On the 2nd, workers from MMG marched in Lima, Cusco and Arequipa, Aníbal Torres believed that the reason for the conflict was the refusal of community members to sit down and negotiate.
However, mining companies in other regions are affected by social conflicts because they are alleged to have polluted the environment or have not consulted with surrounding communities in advance.
The bill, introduced by the Liberal Party, also proposes to allocate 3 billion soles (about US$800 million) to the proposed National Copper Company for the cost of different agencies.
In addition, article 10 stipulates that private enterprises currently producing will be valued to determine their net worth, debt reduction, exemptions and benefits, "the value of unpaid underground resources, the repatriation of profits and the cost of environmental remediation".
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