{"id":1169114,"date":"2020-03-03T10:58:51","date_gmt":"2020-03-03T16:58:51","guid":{"rendered":"https:\/\/www.mining.com\/?p=1015867"},"modified":"2020-03-03T10:58:51","modified_gmt":"2020-03-03T16:58:51","slug":"freeports-copper-mine-in-peru-sues-govt-over-royalty-payments","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1169114","title":{"rendered":"Freeport\u2019s copper mine in Peru sues Gov\u2019t over royalty payments"},"content":{"rendered":"<p>Freeport McMoran\u2019s majority owned Cerro Verde copper mine in Peru, the country\u2019s largest, is <a href=\"http:\/\/www.smv.gob.pe\/ConsultasP8\/documento.aspx?vidDoc=%7BB0DA8E70-0000-C81E-9188-4FBF29F127D7%7D\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">taking the government to the World Bank\u2019s international court<\/a> to solve a long-dragged dispute over unpaid royalties.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>In 2018, Peru\u2019s tax agency Sunat said that&nbsp;Cerro Verde<br \/>\nhad a pending debt of 1,100 million soles ($320 million) in royalties corresponding<br \/>\nto the period between 2006 and 2011&nbsp;.<\/p>\n<p>The company argued it had no obligation to pay such amount<br \/>\nbecause its tax contract&nbsp;dated back to 1998, prior to the mining royalties<br \/>\nlaw passed in 2004.<\/p>\n<p>The agreement, valid until 2013, was renewed in 2014 for a<br \/>\nfurther 14 years.<\/p>\n<p>By the end of last year, however, the company paid 711.1 million soles ($214.4m) of the debated royalties under protest .<\/p>\n<p>\u201cThis arbitration procedure will not affect our current operations,\u201d Cerro Verde <a href=\"http:\/\/www.smv.gob.pe\/ConsultasP8\/documento.aspx?vidDoc=%7BB0DA8E70-0000-C81E-9188-4FBF29F127D7%7D\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said in a statement<\/a>. \u201cThe amounts discussed have been paid, under protest, and are promptly related to past activities.\u201d<\/p>\n<p>The company added it did \u201ceverything possible\u201d to reach an amicable solution with the Peruvian government, adding that it was confident a \u201cfair and equitable resolution\u201d could be reach soon.<\/p>\n<p>Cerro Verde, with an output of over 400,000 tonnes of copper<br \/>\na year, is a joint venture between Freeport (53.6%), Sumitomo and Peru\u2019s Buenaventura.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Arbitration procedures won&#8217;t affect operations, says the company.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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