Minister Mucho announces the reintegration of Peru into the Initiative for Transparency in Extractive Industries

Machine translation was used to publish the following Minem release

The Ministry of Energy and Mines (MINEM), through the participation of the State, business and civil society, developed the initiative for Transparency in Extractive Industries -EITI Peru, which promotes transparency, social surveillance and raises reputation of the national investment market.

Along these lines, Minister Mucho announced the reintegration of Peru into the EITI, after having completed the 9th National Transparency Report, lifting the temporary suspension given in December 2023, setting the tone in the subnational implementation of EITI in the regions of our country. .

“We are pleased and pleased to announce that we have recovered our status as a “compliant country” in this important global platform, in which countries from all over the world participate and which is a fundamental support for the goal we have as a country in the OECD” said the head of MINEM.

He added that this initiative allows the country to be accountable regarding the destination of resources generated by extractive activities in the mining and energy sector, such as canon, excess canon and royalties.

“If this report had existed since the beginning of the mining boom, in 2000, Peru would be different. The amount of transfers and income would have enabled sustainable development in the communities,” the official emphasized.

At another time, Minister Rómulo Mucho pointed out that we must continue to improve in the use of these resources, to allocate them to public investment and projects that benefit the population and communities, rather than current spending.

“We are happy to rejoin the EITI Initiative to be accountable and channel the resources generated through investments in mining and hydrocarbons,” said the minister, noting that this process can help strengthen the decentralization process, which is very necessary to direct the country to development.

In turn, Jennifer Pike, director of the USAID Office of Democracy, Human Rights and Governance, congratulated MINEM for complying with the delivery of this report, which has allowed Peru to lift its suspension from the EITI Initiative.

“Peru is a privileged country, with natural riches. We are aware that a large part of Peru's economy is based on the extractive sector, a pillar for the country's development and ensures the income of thousands of families who want to escape poverty," said the USAID representative.

It is worth mentioning that the EITI promotes transparency, making available information on the payments made by industries, how they are used and their socio-environmental obligations, in order to contribute to the effective and legitimate governance of extractive activities.

The Vice Minister of Mines, Henry Luna, was part of the panel “Importance of the National Transparency Report for the governance of the extractive sector in Peru”, in which he referred to the work carried out by the sector in the automation and transparency of all its procedures. .

“We believe that we must join forces to transparently ask civil society, especially non-governmental organizations, to take the trouble to read these reports, and not to misrepresent the information generated by the energy and mining sector,” stated Luna Córdova.

In closing, the Vice Minister of Hydrocarbons of the MINEM, Iris Cárdenas, pointed out that the extraction of natural resources contributes to the growth of Peru's economy and provides financing for essential public services.

“As president of the EITI, we are committed to promoting the preparation of the corresponding information scheduled for October 1 and for the Cusco region to be part of this process, as it is the place where the country's main source of energy is located. , which is natural gas,” concluded Cárdenas Pino.