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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.
Canadian company’s exploration rights in Peru hanging by a thread
Meeting between local and national authorities to discuss the decrees that granted mineral rights to Nuevo Arcoiris.
Peru’s Ministry of Energy and Mines is working on a report aimed at overturning a couple of decrees that granted Nuevo Arcoiris S.A.C, a subsidiary of Canada’s Tesoro Minerals Corp (TSXV: TES), certain mineral exploration rights.
The report is being produced following a meeting between the Minister of Energy and Mines, Jaime Galvez, the head of the Ministerial Cabinet, Violeta Bermúdez, congresswoman Angelica Palomino and the mayor of Tambogrande, Alfredo Rengifo.
Tesoro Minerals Corp.: Tesoro Minerals Announces Receipt of Supreme Decrees for 21 Concessions in Piura, Peru
President & Chief Executive Officer
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