ANNOUNCEMENT 08 Dec 2020
In December 2020, the Peruvian government granted an FDI authorisation for a mining company near the northern border. In January 2021, the authorisation was withdrawn.
NUMBER OF INTERVENTIONS
El Peruano. Official Gazette. "Decreto Supremo N° 027-2020-EM, Declaran de necesidad pública la inversión privada en actividad minera y autorizan a empresa minera con inversión extranjera y peruana a adquirir derechos mineros dentro de los cincuenta kilómetros de zona de frontera". 08/12/2020. Available at: https://busquedas.elperuano.pe/normaslegales/declaran-de-necesidad-publica-la-inversion-privada-en-activi-decreto-supremo-n-027-2020-em-1910067-4/
On 8 December 2020, the Peruvian Ministry of Energy and Mining approved Supreme Decree N° 027-2020 that grants authorisation to Nuevo Arcoiris SA to exploit 9 mining titles near the Peruvian northern border, in the city of Piura.
Nuevo Arcoiris SA is a Canadian company, as it was established under Canadian laws and later registered in Peru with 99.9% of Canadian capital. On the same day, the company was also granted another set of 12 mining titles, amounting to a total of 21 (see related state act).
Following Art. 13 of the 1991 Framework Law for FDI Promotion - which is based on the Peruvian Constitution itself -, foreign investments within 50km of the national border need a prior authorisation granted by the Ministry in charge of the corresponding sector and endorsed by the Council of Ministers.
On 21 January 2021, the Ministry of Energy and Mining of Peru adopted Supreme Decree N° 001-2021 that withdraws the previous authorisation (see related state act).