ANNOUNCEMENT 25 Jun 2011In June 2011, the government of Peru announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Supreme Decree No 032-2011-EM (Decreto Supremo N? 032-2011-EM, 25 de junio de 2011) published in the Official Journal of the Peruvian State (El Peruano, sabado 25 de junio de 2011): http://www.minem.gob.pe/minem/archivos/DS%20N%C3%82%C2%BA%20032-2011-EM.pdf
Supreme Decree No 083-2007-EM (Decreto Supremo N? 083-2007-EM, 29 de noviembre de 2007) published in the Official Journal of the Peruvian State (El Peruano, jueves 29 de noviembre de 2007): http://intranet2.minem.gob.pe/web/archivos/ogp/legislacion/ds083-2007.pdf
La Presse: http://www.lapresse.ca/international/amerique-latine/201106/25/01-4412551-le-perou-suspend-une-concession-miniere-canadienne.php
Bear Creek Press Release: http://www.bearcreekmining.com/sp/NewsReleases.asp?ReportID=464581
On June 25, 2011, the president of Peru signed the Supreme Decree No. 032-2011-EM revoking the mining concession held by the Canadian mining company Bear Creek in the Santa Ana silver project. This mining concession had been granted to Bear Creek in 2007 through the Supreme Decree No. 083-2007-EM. The argument for this revocation was that the Santa Ana project was no longer in the best interest of the public and the state.
Bear Creek reacted and claimed that the revocation was illegal. It expected to start mining operations by 2012 after having already invested CAD 96 million.