Second National Reconcilation Study EITI Peru - unofficial…

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Consultancy for the Second National Reconciliation Study of the Extractive Industries Transparency Initiative (EITI) in Peru (2008 – 2010) (Continuation) - Modifies art. 34º, 37º y 74º of the Regulations for different titles contemplated in the Ley General de Minería, approved by D. S. 03-94-EM. D.S. 045-2007-EM. 06/09/2007 1.3. Participants Taxpayers: Mining Companies engaged in mining exploration and exploitation activities. Collections Agent: Office for Validity Rights at INGEMMET. Distributor: Office for Validity Rights INGEMMET. 1.4. Calculation Base Validity Right= # of Hectares of the denouncement (according to the Mining Registry) X Rate 1.5. Periodicity 1.6. Use Calculation: Annual Collections: Annual Distribution: Monthly Details on this point can be found in the table in the section “Distribution Criteria” for Validity Rights. 2. Procedures of the process to collect and distribute Validity Rights 2.1. Collections Collections of Validity Rights payments and/or Penalties are conducted as follows: - In the case of denouncements that are being processed for the first time (petition formulation), collections can be made at any point in the year depending on the date that the petition was filed. - In the case of denouncements that were made more than one year after the mining right was formulated, collections will be made between January 01 and June 30 of the year following the year in which the right was granted based on the information contained in the Mining Registry. Validity rights are paid by title holders at the banks that the Office for Validity Rights at INGEMMET has designated for this purpose (main banks in the country). For this purpose, the Office of Validity Rights at INGEMMET sends the banks a list of the denouncement codes that need to be paid. Payments cannot be made in quotas and are made in a lump sum once a year. The payments are made in US Dollars or in Soles at the exchange rate established by the financial institution at the time of the transaction. Consultancy for the EITI Peru Multi-Sector Working Committee 68
Consultancy for the Second National Reconciliation Study of the Extractive Industries Transparency Initiative (EITI) in Peru (2008 – 2010) (Continuation) Amounts to pay according to the owner’s condition (condition determined by the General Directorate of Mining at MEM) Condition Validity Right Penalty 2 General Regimen US$ 3 x Hectare Small Mining Producer US$ 1 x Hectare Artesenal Mining Producer US$ 0.50 x Hectare 2.2. Distribution US$ 6 x Hectare (A) US$ 20 x Hectare (B) US$ 1 x Hectare (A) US$ 5 x Hectare (B) US$ 0.50 x Hectare (A) US$ 3 x Hectare (B) (A) Applicable to the title owners and/or assignees included in the stipulations in paragraph 1 of Art. 40º of TUO3. (B) Applicable to the title owners and/or assignees included in the stipulations in the 2nd paragraph of Art. 40º of the TUO4. This is the monthly process used to allot the revenues collected for the Validity Right and Penalty to Local Governments, Regional Governments and Institutions in the Energy and Mining sector as applicable. The amount collected and distributed each month is transferred every fifteen days to accounts in the Banco de la Nación that have been created for this effect. 2.2.1 Area of Influence To distribute the validity right, the area of influence is defined as the territorial area of the district governments where mining concessions in the exploration and exploitation stages are operating. 2 The Penalty corresponds to the amount that must be paid annually to maintain mining concessions rights if the concessions has failed to comply with its obligation to report production levels or minimum investment within the timelines established. 3 Applicable to title owners and/or assignees included in the stipulations of article 40º of the TUO. Article 40.- If the stipulations in Article 38 are not met, starting in the first semester of the seventh year counting from the year in which the mining concession title was granted, the assignee will pay a penalty of US$ 6.00 or its equivalent in national currency per year and per hectare until the year in which minimum production levels are met. In the case of artesanal mining, the penalty will be US$ 0.50 or its equivalent in national currency per year and per hectare until minimum annual production is achieved. 4 Applicable to title owners and/or assignees included in the 2nd paragraph of article 40º of the TUO. If the assignee continues to fail to comply as of the twelfth year, the penalty will be US$ 20.00 or its equivalent in national currency per year and per hectare. In the case of the small mining producer, beginning in the twelfth year, the penalty will be US$ 5.00 or its equivalent in national currency per year or per hectare. Artesanal mining operations will pay, beginning in the twelfth year, US$ 3.00 or its equivalent in national currency per year and per hectare. Consultancy for the EITI Peru Multi-Sector Working Committee 69
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Product 3: Final Report Second Nati
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Lima, 13 December 2011 Mr José Lui
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Contents Executive Summary 9 I. Aim
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