By: Richard Moreno Bustos
While searching Antamina mining company that is not benefiting from a program that allows repealed reinvest the profits without paying tax, we see that some authorities see this as an opportunity to take advantage of negotiating with the same mining company.
Some notes:
1. Slightly more than 13 mayors are solely representative of the 166 municipalities that receive mining royalties Ancash and are accepting a mite (synonym of gift or alms). Ie they want to change a law for a handout.
2. These authorities will now leave office, they are considering seeking an agreement with the company so that it sees a different mechanism for funding expanded of your project (U.S. $ 930 million), such as investing the proceeds so far (more than U.S. $ 6.300 million), but have greater resources beyond what the rules allow them to spend.
3. The "incentive program" repealed which you want to host Antamina (because they have tax stability contract), responding to a radically different scenario now, as in the 90 had instability and economic situation was difficult and risky investment.
4. Antamina is one of the most profitable companies in the country. The business of extending the project is very profitable and secure. You do not need any incentive program.
5. If the company invests $ 920 million it will recover, but if the state does not collect the tax (30%), that if the state does not recover, and Antamina will have saved $ 276 million. If the fee will double or triple with the expansion of Antamina, it means that your profits multiply.
6 .- In statements broadcast said that we are arguing that the fee will "eliminate" this is not true, the charge is not removed but will decrease by approximately $ 130 million. Antamina
That will give us an example of commitment to the development of Ancash and not to insist to reinvest their profits, but sees a different funding mechanism has requested in the Ministry of Energy and Mines ...
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