On Thursday, The International Monetary Fund (IMF) said Peru’s new mining tax scheme was favorable and suggested that resources be directed towards the industrialization of the country or toward promoting value-added production.

Nicolas Eyzaguirre, IMF’s Western Hemisphere director, said that Peru’s aims – imposing royalties on mineral extraction to improve infrastructure an education in the country - were appropriate.

"It is appropriate to extract the appropriate resources to improve the possibility of Peru moving toward the processing of raw materials or value-added industries which supply the raw materials industry," he told local station TV Peru.

"Long ago we said that countries like Canada, Australia or New Zealand, which are themselves have collections of natural resources, must not only socialize an important part of these activities but should use them judiciously to generate new production platforms," he said, according to Andina.

He said that these new production platforms should lead the country toward a more sophisticated production industry.

Furthermore, Eyzaguirre anticipated that the demand for raw materials from Asia is a process that would continue for a long time.