Peru To Simplify Formalization Process

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The new administration under Pedro Pablo Kuczynski has put into effect a decree to simplify the local mining formalization process in Peru by no later than the end of the year. The new rule is designed to increase and bring back more ore providers via an orderly and simple process with less confusion. The President of the Councils of Ministers Peru, Fernando Zavala, said yesterday (November 21, 2016), a new legislative decree was enacted to promote and strengthen the process of formalization of local mining activity by the 31st of December. Premier Zavala goes on to say that he reaffirms the commitment to support all miners currently in the formalization process.

According to the Economic Studies of the Scotia Bank, in September, mining production from the informal and illegal miners (currently unregistered) broke a monthly production record set back in September, 2011.  The main source of Peru’s gold production comes from informal and illegal miners. Informal gold production estimated by MEM (Ministry of Energy and Mines) from January to September, 2016 was 19.1 MT (million tons) or 17% of total gold production in Peru. Interestingly this is 24% more than Latin America’s largest gold mine, Yanacocha which according to MEM estimates produced 15.4 MT in the same period.

As of February, 2016 the MEM began including in the national gold report estimates of informal and illegal gold production from various mining regions throughout Peru. Without the inclusion of this, year to date national gold production would have been 5% less.

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