On Thursday, Peru’s Minister of Energy and Mining, Carlos Herrera Descalzi, said the new tax system to the mining sector would raise approximately S/. 250 million per month.

"The state will begin receiving 3 billion soles in 2012, which will be the first full year of validity of this new system, and if we divide this by 12 months it gives us about 250 million soles per month, on average," he said.

The Minister said the resources collected by the new tax system will come from windfall gains at mining companies and will be used primarily to finance infrastructure in the poorest areas of the country.

"It will give priority to those who have less and that have the greatest need, all this infrastructure becomes better services which is what the population demands," he said, according to Andina.

Descalzi explained that the new tax scheme would be beneficial to the country, as it would allow them to generate funds to support increased social spending, which, he argued, will result in a better business climate for mining companies in the regions.

"Although the state has the power to impose laws, these laws have not been imposed blindly and without regard for businesses, we have talked with them (...) and the issue has been accepted by the companies," he said.

He also noted that Peru has established its image abroad as a country that honors and fulfills its commitments.