Peru's President, Alejandro Toledo, has promised to present new legislation to Congress to boost the mining sector's competitiveness, including the scrapping of taxes on exploration work. During a speech at the XXV Mining Engineers' Convention in the southern city of Arequipa last week, Toledo said the new proposed laws would encompass 'all measures needed to reactivate mining and make it the motor and pillar of a great transformation.'
He pledged: 'We will guarantee legal and tax stability and pave the way for balanced and fair economic development,' and called upon the State, the private sector and the community to form a 'harmonious alliance' to develop the mining sector so it can become more than just an an exporter of raw materials.
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