While the central government in Peru received S/947 million (about US$272.9 million) in mining taxes, regions earned S/2.99 billion (US$862.8 million) from taxes, royalties and validity rights, being Arequipa the region that received the highest amount, according to Doing Business Mining 2016 of PwC.
“In 2015, the 15.47% increase in metal mining, from the previous year, helped the mining and hydrocarbons sector offset the loss of its hydrocarbons sub-sector (-11.47%) and experience a year-on-year growth of 9.27%,” said Alfredo Remy, PwC mining expert.
In 2015, the mining sector was the most important driver of the economy, due to the fact that between January and December Peru’s GDP registered an annual growth of 3.26%, to which the mining and hydrocarbons sector contributed over one percentage point.
In addition, mining is one of the five most dynamic sectors —in terms of job creation in private business— followed by services, finance companies and insurance, construction and trade.
According to Remy, mining provides the best salaries at all levels. For instance, managers and directors earn S/22,156 (about US$6,385) a month on average, whereas professionals receive S/7,456 (around US$2,148), and those in technical positions make S/3,809 or US$1,097.
He went on to add that Peru has the most abundant reserves of silver, zinc, lead and gold, as well as the second largest reserves of copper and molybdenum, and the third largest of stain.
(END) CNA/JJN/RMB
Published: 3/4/2016