MINING UPDATE

Filing of the Information of Core Samples

 The form required for the submission of the information of core samples, required pursuant to article 71 of Supreme Decree No. 03-94-EM, Regulations of the Different Titles of the General Mining Act, was approved by Ministerial Resolution No. 248-2014-MEM/DM (the “Resolution“).

The Resolution details the information that needs to be filed, as well as the instructions on how to do so, in order to comply with such obligation. In this respect, it is important to note the following:

1. The information regarding the core samples should be organized according to the charts included as schedules to the Resolution, and should be filed with the Ministry of Energy and Mines (“MEM“).

2. The number of the registry given by the MEM when filing the abovementioned information should be introduced in the Annual Consolidated Declaration 2013 (DAC, for its Spanish acronym) that should be filed by the mining holder in the MEM´s webpage (Extranet). Therefore, the information regarding the core samples should be filed prior to the submission of the DAC 2013.

3. The information that will be filed regarding the core samples should consider the data of the previous year, and in this particular occasion, it should also consider the information regarding the exploration activities conducted in the last ten (10) years. In this respect, please note that the Resolution establishes expressly that this requirement should be complied “according to the available information.”

Payment of Validity and Penalty Fees and Annual Consolidated Declaration 2013

The term in which the holders and assignees of mining properties must comply with the more relevant mining-administrative obligations that correspond to this year, will soon expire.

The validity fees for pediments, denounces and concessions should be paid no later than June 30, as well as the penalties that could have accrued if minimum production levels set forth by law have not been reached (provided that the investment levels required for avoiding payment of those penalties have not been reached).

 In addition, it is important to point out that as per Directorial Resolution No. 0130-2014-MEM/DGM published on June 2, 2014, holders of mining activities should file through the webpage of the MEM, the 2013 DAC, as per the following schedule:

 

Last digit of the RUC

Deadline

Mining holders without RUC

July 7, 2014
0 – 1

July 8, 2014

2 – 3

July 9, 2014
4 – 5

July 10, 2014

6 – 7

July 11, 2014
8 – 9

July 14, 2014

 

 Finally, please note that even though the terms referred to herein are those set forth in applicable law, it is possible that mining assignment or other contracts that you might have executed, provide for other terms (that will be binding between the relevant contractual parties) that could differ from those established by law. We, therefore, recommend you review any such agreements.

The Mining Practice Group of Rodrigo, Elías & Medrano Abogados will be available to answer any questions you may have in such respect.