Peru Congress repeals measure fought by small-scale gold miners

Peru produced 99.7 million fine grams of gold in 2023, 2.8% higher than the previous year. Artisan mines extract around 40% of the mineral, according to the government, while industry representatives claim that figure stands at 50%.

"If this law is not repealed, we will go on strike and protest indefinitely," Maximo Becker, president of the National Confederation of Small Miners and Artisanal Miners of Peru (Confemin), told Reuters this week at a protest.

"REINFO has failed," said Gobitz, arguing the program helped many small miners to formalize but also allowed illegal miners to invade formal concessions.

Gobitz is also chief executive of Antamina mining, Peru's second-largest copper producer controlled by Glencore GLEN.L , BHP , Teck TECKb.TO and Japan's Mitsubishi 8058.T .

Mining is key to Peru's economy, with 60% of the Andean nation's exports coming from the mining sector, mostly copper.
The legislation had also granted police more powers to act against small artisanal mines where there was evidence of illegal possession of explosives, amid reports by authorities of clashes and attacks by illegal miners that have left more than twenty people dead in the last two years.

Small-scale gold miners in Peru often operate unlawfully or with little oversight. They have been spreading into copper also as prices of the red metal have climbed. $BHP Group Ltd (BHP.AU)$ $Glennon Small Companies Ltd (GC1.AU)$