The Peruvian ministry of mines and energy, Minem, said it is preparing a new bill that will update the nation’s mining regulations.
The new regulation is expected to reduce bureaucracy and make mining processes faster. Minem said the new regulation could also help recover the sector, which had been on a lockdown until recently due to Covid-19.
Minem did not provide an estimate or a specific timeline for the new regulation to come into effect. However, Minem said the proposed new bill is in the “final stages.”
The Peruvian mining sector has already resumed activities in two different phases. Phase 3 will focus on smaller miners seeking formal accreditation. Minem said its recovery plan for the mining sector has already saved over 140,000 job positions in the industry.