At the end of 2023, Sociedad Minera Cerro Verde, operator of the main copper mine in Arequipa, managed to complete its first project through the Works for Taxes mechanism and does not rule out a possible participation in the Services for Taxes proposal prepared by the Ministry of Economy and Finance (MEF).

“We are all committed to closing the gaps that arise, especially in our areas of direct impact, and we are aware that the active participation of the private sector is key to achieving this. I believe that the government is also stating that, if there is no joint work on the part of the public sector and the private sector, we will not achieve the objectives that are set,” he pointed Julia Torreblancavice president of Corporate Affairs of Cerro Verde, in an interview for the Special Mining Thursday of the Institute of Mining Engineers of Peru (IIMP).

In that sense, he showed good disposition towards the MEF’s approach to carry out Tax Services and stated that Cerro Verde will be waiting to review the final proposal issued by the Government.

“There is no shorter path, so we will be waiting for what the Ministry of Economy and Finance produces to review the terms and evaluate our participation as well”indicated the also director of the IIMP.

Likewise, he highlighted the permanent communication of his company with the Regional Government of Arequipa, the municipalities and the population that allows various projects to become a reality. In fact, he stated that they are working on the possibility of developing technical files so that the Regional Government can carry out Works for Taxes or through some other mechanism.

He also added that the mining industry generates a great economic benefit for Arequipa, which is reflected in the contribution of 35% of the region’s GDP during 2023, and in Cerro Verde being the main mining employer in Peru, with more than 66 thousand direct and indirect jobs in the region.

Works for Taxes (OxI)

Regarding OxI, Cerro Verde is using this mechanism for the first time. “It is an experiment for us because all the works we have done in the past have been financed with our own resources,” Torreblanca explained.

The work, which is starting this month, consists of repairing the infrastructure of the Arequipa Educational Institution, which today is 80% damaged. According to the interviewee, this work is expected to benefit more than 1,700 students who are part of the school and also aims to improve the educational level.

“Last year we received a good offer from the Regional Government of Arequipa. This is a work in which we are participating in a consortium together with the Yura company and also with Intercorp. “In addition, it is the first file that Cerro Verde has made in Tax Works, for which we are very excited,” Torreblanca detailed.



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