Latinnews Daily - 21 December 2017

Peru: Peru’s official investment promotion agency (Proinversión) has announced the temporary suspension of the public tender process for the exploitation concession for the Michiquillay copper mine. The tender process for the concession to exploit the 4,050 hectare mine located in the northern region of Cajamarca, which is believed to hold some 1.5m tonnes of copper and other minerals and which is expected to require a US$2bn investment to bring into production, was due to conclude on 20 December. However, a Proinversión statement said that the decision was in line with requests made by some firms interested in taking part in the tender, who said that they were not be prepared to present bids given the current political uncertainty in the country, where the national congress is due to hold a vote today (21 December) on whether to impeach President Pedro Pablo Kuczynski for being morally incapable of governing due to the allegations linking him to corruption. Consequently, Proinversión said that the government has agreed to suspend the process and set a new deadline for its conclusion for 20 February 2018. The decision came after President Kuczynski in a nationally televised address yesterday denounced the attempts to impeach him as a “disguised coup d’état” orchestrated by the main opposition Fuerza Popular party that controls congress.

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