The international court dismissed the claims filed by the mining company, due to alleged illegal collections of royalties by Sunat.
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The Peruvian State emerged victorious from an arbitration process against Freeport-McMoRan (majority shareholder of Cerro Verde), filed in the International Center for Settlement of Investment Disputes (ICSID) since 2020.
The ruling of the ICSID Arbitration Tribunal, by majority – only one dissenting vote – dismissed the claim of Freeport-McMoRan, which sued the State for breaching its obligations under the guarantees and the Investment Promotion Contract signed with Cerro Verde in February 1998, as well as the provisions of the Trade Promotion Agreement with the United States.
It should be noted that Sunat, given the processing of concentrated minerals between December 2006 and December 2013, He demanded the payment of royalties to Cerro Verde, to which the mining company challenged each statement and considered that the stability contract signed in 1998 exempted it from paying royalties for the extracted mineral.
Thus, they expressed their disappointment at the ruling, since “their actions were carried out in accordance with the law” and stressed that they have already paid in full the principal amount of the debt indicated by the State, such as interest and fines. In 2021, they honored S/1,040 million to the treasury.
Trained at the Jaime Bausate y Meza University. In constant learning. Economics is the branch of journalism closest to the people and my duty is to be a bridge to information.
Source: Larepublica
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