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The Mineral Industry of Peru in 2001

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The Mineral Industry of Peru in 2001 THE MINERAL INDUSTRY OF Peru By Alfredo C. Gurmendi With a population of more than 27 million, Peru had a gross Economic Commission for Latin America and the Caribbean domestic product (GDP) of $53.4 billion, 2000a§1) or $123 (ECLAC), Peru registered $10.02 billion of foreign direct billion2 in terms of purchasing power parity in 2001. Peru’s investment (FDI), which was about 2.8% higher than that of GDP growth was 0.2% compared with 3.1% in 2000, and the 2000 ($9.75 billion); FDI was $8.57 billion in 1999 and $8.03 average inflation rate for the year was negative 0.1% compared billion in 1998. After a decade of unprecedented growth, the with 3.7% in the previous year (Ministerio de Energía y Minas, flows of FDI into Peru and Latin America in general decreased 2002a, p. 20; U.S. Central Intelligence Agency, 2002a§; World during 2000-2001 partly owing to the region’s instability in the Bank Group, 2002§). Minerals and hydrocarbon industries economic and political fronts augmented by recent events in accounted for 11.2% of Peru’s 2001 GDP compared with 2.4% Argentina, Peru, and Venezuela and the adverse international in 2000. Mining export revenues of $3.2 billion represented economic conditions, which included a longer-than-expected 45.1% of total exports of $7.1 billion. In 2001, the reduction in recession in the United States and lower growth in Europe and Peru’s total trade deficit was significant—about $100 million Japan (Comisión Nacional de Inversiones y Tecnologías compared with $300 million in 2000 and $616 million in 1999. Extranjeras, 2002a§; Economic Commission for Latin America Peru’s trade, however, grew by only 1.4% in 2001 (Ministerio and the Caribbean, June 2002§). The Ministerio de Energía y de Energía y Minas, 2002a, p. 20-22, 39). In 2001, Peru’s rate Minas also reported that Peru received $3.32 billion of FDI in of economic growth was affected by the instability in the the minerals sector [mining ($1.67 billion), petroleum ($98 Argentinean market, the continued effects of El Niño, and the million), and gas ($1.55 billion)] compared with $3.36 billion in country’s political instability. Metal exports in 2001 ($3.19 2000, $1.76 billion in 1999, and $1.51 billion in 1998 billion) remained about the same level as those of 2000 ($3.21 (Ministerio de Energía y Minas, 2002b, p. 7, 21-25). billion), although the prices for its major mineral exports CONITE reported that since July 19, 1991, when the (mainly copper, gold, lead, and zinc) remained at low levels. privatization program began, the Peruvian Government has Peru’s foreign debt amounted to $27.6 billion, which was 2.8% privatized more than 220 state-owned corporations and netted lower than that of 2000 ($28.4 billion), and its net international $10.5 billion, or almost 17% of Peru’s GDP; new investments reserves increased to $8.6 billion from $8.2 billion in 2000 of $12.7 billion, or 24% of the GDP, have been committed by (Ministerio de Energía y Minas, 2002a, p. 20, 39-40; Muñiz, domestic and foreign investors between 2001 and 2009. A total 2002). investment of $9.1 billion for the mining sector was expected The promotion of domestic and foreign private investment in for the 2001-to-2009 period (Ministerio de Energía y Minas, Peru via the privatization of Government-owned firms and the 2002b, p. 22-28; Comisión Nacional de Inversiones y formation of joint ventures started off at a vigorous pace in Tecnologías Extranjeras, 2002a§). The privatization process 1991 and has continued, although at a slower pace. Foreign continued to be managed by the Comisión de Promoción de la investors viewed Peru as an attractive Latin American Inversión Privada, which had the legal authority to transfer open-market economy because the State guarantees property state-owned assets. Responsibility for specific privatization was ownership, investments, free remittance of profits, and capital vested in the Comités de Privatización (CEPRIs) whose repatriation and provides equal treatment with national members were selected from the ranks of leading professionals investors; the Peruvian Government also slashed subsidies and and officials mainly from the private sector. Thus far, the tariffs, freed foreign exchange and interest rates, liberalized Government has privatized most of its assets in the following international investment rules, simplified the tax code, sectors: mining, 90%; manufacturing, 85.5%; electricity and established concessions for construction and operation of public hydrocarbons, 68% each; and agriculture, 35% (Ministerio de infrastructure (telecommunications, roads, ports, and airports), Energía y Minas, 2002b, p. 21-22). and embarked on fiscal austerity and investment in social In the mining sector, some tenders were still pending for the development and agriculture. Furthermore, the role of the following large projects in 2002-2003—Empresa Minera del Peruvian Government has been limited to that of regulator, Centro del Perú S.A.’s (Centromín) copper deposits at promoter, and overseer (Ministerio de Energía y Minas, 2002b, Michiquillay, Department of Cajamarca, and Toromocho, p. 5-7, 21-25). Department of Junín. Minero Perú S.A.’s copper and iron In 2001, according to the Comisión Nacional de Inversiones y deposits as Las Bambas, Cusco; the coal deposits at Alto Tecnologías Extranjeras (CONITE) and the United Nations’ Chicama, Department of La Libertad; and the phosphates and brine at Bayóvar, Department of Piura. Additionally, several 1References that include a section twist (§) are found in the Internet mining prospects, in order of importance, for gold, copper, coal, References Cited section. and industrial minerals were to be privatized (Ministerio de 2Where necessary, values have been converted from Peruvian new soles (S/) Energía y Minas, 2002b, p. 25, 29-32). Government officials to U.S. dollars at the rate of S/3.523=US$1.00. THE MINERAL INDUSTRY OF PERU—2001 15.1 estimated that Centromín’s privatization could generate around (authorized by Legislative Decree 25809) (Ministerio de $2.14 billion and that privatization earnings could be increased Energía y Minas, 2002b, p. 74-78). between $3 and $4 billion on additional sales of state assets, Perupetro instead of Petroperú S.A. manages energy-related such as the Talara oil refinery, the Mantaro hydroelectric activities for the Government. In principle, all mineral and complex, possibly in 2003. One successful privatization in geothermal resources belong to the Government, which grants 2001 was that of the power-generating company Electroandes, concessions for use by the private companies and individuals. which was acquired by PSEG Global Corp. of the United States The administration and management of all mining legal on July 20, 2001, for $227 million (Ministerio de Energía y processes and concessions rested with the executive branch. Minas, 2002b, p. 38). The $2.6 billion Camisea gas project located in the Ucayali basin, Cusco, has been split into two contracts. First, on Government Policies and Programs February 16, 2000, Peru’s Comité Especial del Proyecto Camisea (Cecam) gave the go-ahead to the consortia led by Supreme Decree No. 014-92-EM of June 1992 (the General Argentina’s largest oil producer Pluspetrol S.A. (Pluspetrol Perú Mining Law) and Legislative Decree No. 868 of May 1996 Corp. as operator) (36%) and included Hunt Oil Company of (amendments) provide guaranteed protections to mining the United States (36%), SK Corp. of the Republic of Korea ventures and contracts under the Peruvian Civil Code. (18%), and Tecpetrol S.A. of Argentina (10%) to produce Consequently, such ventures and contracts are immune from natural gas during the 40-year upstream operations (exploration unilateral changes by any governmental authority in Peru and production) on Camisea. The Supreme Decree No. 021- without an appropriate legal or administrative remedy. The 2000-EM of December 7, 2000 (License to exploit Camisea), hydrocarbon law No. 26844 of 1997 eliminated the exclusive with Comisión de Promoción de la Iinversión Privada’s blessing rights of the state-owned Petróleos del Perú S.A. to control over of December 4, 2000, approved the exploitation contract secondary recovery of crude oil, refining, and imports and between Perupetro and the consortia led by Pluspetrol. Second, subsequent resale of petroleum and byproducts. These laws on October 20, 2000, Peru issued a tender for a 33-year contract have ensured more-favorable minerals and crude oil and gas for transportation and distribution of gas and natural gas liquid exploration and production contract terms for investors, which (NGL) through separate pipelines by yearend 2003. The sole has resulted in an increased number of domestic and foreign bidder for the second phase was a six-company consortium that companies expressing interest in participating in exploration, was led by Argentina’s Tecgas S.A. (30%) and included production, and distribution of natural gas and petroleum Pluspetrol S.A. (19.2%), Hunt Oil (19.2%), Graña y Montero contracts with Perupetro S.A. and mineral properties with S.A. of Peru (12%), Sonatrach Company of Algeria (10%), and Centromín (table 2). SK Corp. (9.6%) (Moons, 2001, p. 5; Comisión de Promoción Also, the Peruvian Constitution establishes equal protection de la Inversión Privada, 2001, p. 4-8; U.S. Energy Information for domestic and foreign investors who may enter into Administration, 2002a§). agreements with the Government and guarantees free access, possession, and disposal of foreign currency. Within the Environmental Issues framework of Decree law No. 708 of November 1991 (promotion of investment in mining), Legislative Decree No. The Dirección General de Asuntos Ambientales (DGAA) of 662 of August, 1991 (promotion of foreign investment), the Ministerio de Energía y Minas (MEM) has the responsibility Legislative Decree No.
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