Peru rescinds Canadian company’s exploration rights
Supreme Decree 001-2021-EM was signed by Peru’s President, Francisco Sagasti (pictured), the head of the Ministerial Cabinet, the Minister of Energy and Mines and the Minister of Defense.
(Image by Feria del Libro Ricardo Palma, Wikimedia Commons).
The Government of Peru passed Supreme Decree 001-2021-EM, which overturned a couple of previous decrees that granted Nuevo Arcoiris S.A.C, a subsidiary of Canada’s Tesoro Minerals Corp (TSXV: TES), certain mineral exploration rights.
The legal instruments that were overturned were Supreme Decrees 027-2020-EM and 028-2020-EM which were issued in 2020 and stated that Nuevo Arcoiris was allowed to acquire and hold mineral rights and other related rights, including surface rights, water rights, and other rights necessary to conduct exploration and further exploitation activities, on 21 mineral rights located near the Tambogrande community, in the northwestern Piura department.
21 Jan 2021 by OOSKAnews Correspondent LIMA, Peru
Peru’s Ministry of Energy and Mines is currently working on a report to overrule Supreme Decrees which allowed Nuevo Arcoiris S.A.C, the Peruvian subsidiary of Canadian Tesoro Mineral Corpto acquire and hold mineral and other related exploration rights.
The Supreme Decrees not only grant the company mineral rights but also several other related rights, including water rights.
The Peruvian Ministry of Energy and Mines granted Supreme Decrees 027-2020-EM and 028-2020-EM on December 10, 2020, giving the company permission to conduct exploration and exploitative activities on 21 mineral rights located in Piura.
The 21 mineral rights are located within 50km of the Peru-Ecuador national border and therefore as a foreign company, under Article 71 of the Peruvian Constitution, Nuevo Arcoiris S.A.C were required to obtain the Supreme Decrees from both the President of Peru and the Council of Ministers.