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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: E. Charters	6/16/2006 4:06:44 PM
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Nice. Something odd about the man in the street demanding anyone pay more taxes. What are they thinking? What do they hope to gain by the company sending more money to government? Do they really think it will trickle down to them? Their wages will increase? Their jobs more secure? More jobs will become available? How silly! Protesters: Peru Copper Co Cerro Verde Must Pay More Taxes 06-16-06 01:27 PM EST LIMA -(Dow Jones)- Local authorities and area residents from the southern city of Arequipa have threatened to hold further protests if copper miner Sociedad Minera Cerro Verde SAA (CVERDEC1.VL) fails to meet their demands. On Thursday thousands of people marched to Cerro Verde's mine site demanding that the company pay more income taxes, despite the fact that the company has a tax-stability agreement with the government. When mining companies do pay income tax, 50% is earmarked for the regions where the mines are located. Protesters gave a company representative a list of their demands. "If the response does not satisfy the people of Arequipa on June 27 we will carry out a day of protest. If we do not have a response, on July 4 we will call an indefinite protest," the mayor of Arequipa Yamel Romero told local television. According to El Comercio newspaper Friday, the company had to shut down 50% of its operation on Thursday due to the protest. Company officials were not available for comment Friday. Local authorities are calling for a meeting with Energy and Mines Minister Glodomiro Sanchez and have called on company representatives to attend. Cerro Verde currently operates two open-pit mines near the southern Andean city of Arequipa. It is in the process of carrying out an $850 million expansion, involving construction of a new concentrator and developing an ore body. The company expects copper output from the project to start at the end of 2006 and for the project to be completed in the first quarter of 2007. Cerro Verde is controlled by Phelps Dodge Corporation (PD). Compania de Minas Buenaventura SAA (BVN) and a subsidiary of Sumitomo Corp. ( 8053.TO) also have equity stakes.

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