It’s Not Bolivia Panoro Is Confident About Peru, Despite Recent Violent Protests By Kevin Michael Grace
When Ollanta Humala was elected President of Peru last year, the mining industry was frightened, and the Lima stock exchange crashed. Humala quickly assuaged investors; his government was not anti-mining, but he would insist on greater benefits for Peruvians, the poorest in particular. Investors were frightened again three months ago, when anti-mining protests inflamed southern Peru, resulting in two deaths and a state of emergency. So is Peru becoming another Bolivia? Luquman Shaheen is convinced that it isn’t.
The President/CEO of Panoro Minerals TSXV:PML says, “The country has been, over the last two decades, in a process of modernizing and renewing its regulatory structure, particularly relating to the mining sector. Part of that regulatory restructuring and modernization deals with how the mining sector relates with indigenous populations and the role that indigenous populations play in the permitting process. This has been a two-decade-long process, and through these two decades occasionally issues have arisen at specific projects. Any time you’re in a stage of evolution, issues always arise.”