PERU: Informal Miners Protest Over Permit Scheme, USDPEN Holds Near Cycle Lows
Dec-04 17:22
- Informal miners in Peru are maintaining a road blockade on the Pan-American highway south of Lima as they continue to demand an extension of the country’s Reinfo mining permit scheme, according to a report on RPP.
- Last month, Peru’s Congress Energy and Mines Commission approved the extension of the Reinfo scheme for small-scale informal miners for two more years. While the decision was welcomed by informal miners, they said they would continue with protests until the full Congress had approved the measure.
- Ahead of the debate on this measure in Congress, constitutional lawyers have warned that the extension may be unconstitutional, according to a separate report on RPP. Should Congress approve the law, the report says it would be up to the Executive Branch to file a lawsuit challenging its constitutionality. However, this process should be swift, they said, and likely resolved within three months.
- Unsurprisingly, USDPEN has not reacted to the news, with the pair ticking down to fresh 3-week lows today, just a fraction above recent 5-1/2-year lows. This could potentially prompt further BCRP intervention towards the close today after the central bank bought a further $51mn in the spot market yesterday, following more than $400mn of purchases last week
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