Countries › Peru › Guide › 3. Investing › Mining tax stability contracts in Peru: 10, 12 and 15 year guarantees under the Ley General de Minería

Mining tax stability contracts in Peru: 10, 12 and 15 year guarantees under the Ley General de Minería

Last verified: 2026-10-28 · Status: Stable

On top of the general legal stability agreements, mining companies can sign guarantee contracts with the State under the Ley General de Minería that freeze the tax regime for 10 years (investment programs of US$20 million), 12 years (US$100 million, or US$250 million in existing companies) or 15 years (US$500 million, for plants of 15,000 tonnes a day or more). Under Ley 27343 the stabilized income tax rate carries a 2 point premium, and the contracts also guarantee free use of export proceeds, non discriminatory FX and stable special regimes. The guarantee starts from the year the investment is shown to be executed, with up to three or eight years brought forward into the build phase.

USD figures use S/ 3.452 per US dollar, the banking system selling rate published by the Superintendencia de Banca, Seguros y AFP for 27 October 2026 and shown in the Banco Central de Reserva del Perú statistics series PD04640PD. Amounts in UIT use the 2026 tax unit of S/ 5,500 (Decreto Supremo Nº 301-2025-EF, as cited in SUNAT Resolución de Superintendencia Nº 000016-2026). Amounts that the law sets in US dollars are quoted as written. Conversions are for orientation only.

Key facts

Minimum investment program for a 10 year mining tax stability contract	20000000 USDTUO LGM art. 79, as of 2026-10-28 · in force
Minimum investment program for a 12 year mining tax stability contract (new activity)	100000000 USDTUO LGM art. 83, as of 2026-10-28 · in force
Minimum investment for a 12 year contract when investing in an existing mining company	250000000 USDTUO LGM art. 83, as of 2026-10-28 · in force
Minimum investment program for a 15 year mining tax stability contract	500000000 USDTUO LGM art. 83-B, as of 2026-10-28 · in force
Premium over the corporate income tax rate for stabilized mining contracts (10 and 12 year contracts per Ley 27343)	2 percentage pointsLey 27343 art. 1; Ley 27909 art. 2, as of 2026-10-28 · in force
Maximum accelerated depreciation rate for machinery under 12 and 15 year contracts	20 % per yearTUO LGM art. 84, as of 2026-10-28 · in force
Minimum contribution for a DL 662 or DL 757 legal stability agreement in mining and hydrocarbons	10000000 USDLey 27342 art. 2.1, as of 2026-10-28 · in force

The rule

1. Mining companies operating or starting operations of more than 350 and up to 5,000 tonnes a day, or presenting investment programs equivalent to US$20,000,000 in soles, may sign a contract guaranteeing tax stability for ten years from the year in which execution of the investment is shown. They may bring the stabilized regime forward to the investment stage for up to three consecutive years, deducted from the guaranteed term, and the benefit applies only to the activities of the company receiving the investment.
Example: US$20,000,000 is about S/ 69,040,000 at S/ 3.452. / US$20,000,000.Texto Único Ordenado de la Ley General de Minería, Decreto Supremo Nº 014-92-EM (published 4 June 1992), art. 79 as worded by Ley Nº 30230, Art. 78 and art. 79, 1992-06-04 official text · verified 2026-10-28

2. Projects with an initial capacity of at least 5,000 tonnes a day, or expansions to at least that capacity, may obtain twelve year tax stability from the year the investment or expansion is shown to be executed, if they present investment programs of at least US$100,000,000 to start any mining activity, or at least US$250,000,000 when investing in existing mining companies. The stabilized regime can be brought forward to the investment stage for up to eight consecutive years, deducted from the guaranteed term.TUO de la Ley General de Minería, art. 82 as worded by Ley Nº 30296 and art. 83 as worded by Ley Nº 30230, Art. 82 and art. 83, 1992-06-04 official text · verified 2026-10-28

3. Projects with an initial capacity of at least 15,000 tonnes a day, or expansions to at least 20,000 tonnes a day, with investment programs of at least US$500,000,000, may obtain fifteen year tax stability. Additional activities after the investment program are covered if they are within the project's concessions or administrative economic unit, linked to the project, worth at least US$25,000,000 and approved in advance by the Ministry of Energy and Mines, without extending the stability term. These 15 year contracts apply to contracts signed after Ley Nº 30230 took effect.
Example: US$500,000,000 is about S/ 1,726,000,000; the US$25,000,000 add on threshold is about S/ 86,300,000.TUO de la Ley General de Minería, art. 83-A and art. 83-B incorporated by Ley Nº 30230 (art. 83-B third paragraph per Ley Nº 30296), Art. 83-A and art. 83-B, 1992-06-04 official text · verified 2026-10-28

4. The contracts guarantee: tax stability, so the company is subject only to the tax regime in force when the investment program is approved, with no new taxes and no changes in determination and payment rules unless it opts in within 120 days; no obligation to buy bonds, prepay taxes or lend to the State; free disposal of foreign currency from exports, and access to foreign currency for local sales; non discrimination in exchange rates; free marketing of mineral products; stability of special regimes such as tax refunds and temporary admission; and no unilateral modification of the guarantees.TUO de la Ley General de Minería, Art. 80 a) to f), 1992-06-04 official text · verified 2026-10-28

5. Under Ley Nº 27343, the stabilized income tax is the regime in force when the contract is signed, at the rate then in force plus 2 percentage points, and the 2 points are applied on the corporate income tax rate in the first paragraph of LIR art. 55 (Ley 27909). MINEM's annotations link Ley 27343 to the art. 78 and art. 82 contracts, which predate the 15 year contracts; the model for 15 year contracts was approved by DS Nº 022-2019-EM.Ley Nº 27343 art. 1 and Ley Nº 27909 art. 2, as annotated in the MINEM edition of the TUO de la Ley General de Minería, Notes to art. 85, 1992-06-04 official text · verified 2026-10-28

6. The 12 and 15 year contracts also allow accelerated depreciation of machinery, industrial equipment and other fixed assets at up to 20 percent a year as a global rate (5 percent for buildings), and for the art. 82 and 83-A contracts, US dollar accounting for periods of at least five years, during which the company is excluded from inflation adjustment and taxes payable in soles are converted at the exchange rate most favorable to the Treasury.TUO de la Ley General de Minería, art. 84 (second paragraph per Decreto de Urgencia Nº 021-2019), Art. 84, 1992-06-04 official text · verified 2026-10-28

7. For 10 year contracts the company files a sworn investment program with the Dirección General de Minería, deemed approved if not decided within 45 calendar days. For 12 and 15 year contracts it files a technical economic feasibility study, deemed approved if not decided within 90 calendar days; that date fixes the stabilized regime. Execution is shown by a sworn statement certified by an external auditor.TUO de la Ley General de Minería, art. 85 first paragraph per Ley Nº 30230, Art. 81 and art. 85, 1992-06-04 official text · verified 2026-10-28

8. Contracts are adhesion contracts on models approved by ministerial resolution (10 year) or supreme decree (12 and 15 year), signed for the State by the Vice Minister of Mines or the Minister of Energy and Mines with the MEF's agreement on tax matters. If a stabilized tax is repealed the company keeps paying under it; if it is replaced by a permanent new tax, the company pays the new tax only up to the amount it would have paid under the old one. The company may renounce stability once and for all at any time.TUO de la Ley General de Minería, Art. 86, art. 87 and art. 88, 1992-06-04 official text · verified 2026-10-28

9. Separately, general legal stability agreements under DL 662 and DL 757 require cash contributions through the Peruvian financial system of at least US$10,000,000 in mining and hydrocarbons and US$5,000,000 in other sectors.Ley Nº 27342 (published 6 September 2000), Art. 2.1, 2000-09-06 official text · verified 2026-10-28

Contract	Who qualifies	Minimum investment	Term	Bring forward to build phase	Approval deemed after
10 year (art. 78 to 81)	350 to 5,000 t/day operations, or investment program	US$20,000,000 (about S/ 69,040,000)	10 years	Up to 3 years	45 calendar days (program)
12 year (art. 82, 83)	5,000 t/day or more, new or expansion	US$100,000,000 (about S/ 345,200,000); US$250,000,000 in existing companies	12 years	Up to 8 years	90 calendar days (feasibility study)
15 year (art. 83-A, 83-B)	15,000 t/day initial or expansion to 20,000 t/day	US$500,000,000 (about S/ 1,726,000,000)	15 years	Up to 8 years	90 calendar days (feasibility study)

Mining tax stability contracts (TUO Ley General de Minería). Soles at S/ 3.452 per US$, for orientation.

Worked example

A copper project with an initial capacity of 20,000 tonnes a day and a US$600,000,000 program (about S/ 2,071,200,000) qualifies for a 15 year contract (art. 83-A and 83-B). If its feasibility study is filed and not decided within 90 calendar days, it is deemed approved on day 90, which fixes the stabilized regime (art. 85).
The company elects to bring forward stability for five construction years; these are deducted from the 15, leaving 10 years of stability after the investment is shown to be executed (art. 83-B last paragraph).
It should check in the 15 year model contract (DS 022-2019-EM) how the stabilized income tax rate is set, since the 2 point premium of Ley 27343 is annotated for the 10 and 12 year contracts. It may depreciate machinery at up to 20 percent a year and may keep its books in US dollars for five year periods (art. 84).

Step by step

Size the investment program and capacity against the 10, 12 and 15 year tests (art. 79, 83, 83-B).
Prepare the investment program (10 year) or technical economic feasibility study (12 and 15 year) as a sworn statement for the Dirección General de Minería.
Track the 45 or 90 calendar day deemed approval date, since it fixes the stabilized regime.
Sign the model contract with MINEM, with the MEF's agreement on tax clauses; SUNAT receives a copy (art. 86).
Decide whether to bring stability forward to the build phase, knowing it shortens the post investment term.
Prove execution with an external auditor certified sworn statement and keep investment data ready for SUNAT.

Common traps

For 10 and 12 year contracts the stabilized rate is not the current rate: it is the rate at signing plus 2 percentage points (Ley 27343; Ley 27909), so stability costs tax if rates later fall.
Bringing stability forward to the investment stage is deducted from the guaranteed term (art. 79 and 83-B), it does not extend it.
Stability covers only the activities of the company receiving the investment (art. 79 and 83), and additional activities under 15 year contracts need prior MINEM approval and at least US$25,000,000 (art. 83-B).
False sworn statements make the contract void (art. 89); ordinary tax breaches are sanctioned under the Tax Code.
Renouncing stability is a single, definitive choice (art. 88).
The text used here is MINEM's annotated fifth edition (March 2025) of the TUO. The rate premium rules appear as notes citing Ley 27343 and Ley 27909, so check the signed model contract for the exact stabilized rate.

Sources

← Restricted activities and screening in Peru: border zone property, domestic aviation, broadcasting, cabotage and what is not screenedChoosing a legal entity in Peru: S.A.C., S.A., S.R.L., branch, S.A.C.S. or E.I.R.L., with capital, registry fees and beneficial ownership →

Get rule changes weekly

Free. One email a week from The LatAm Thread.

One more step after you press the button: we take you to Substack, where your email is already filled in. Confirm there to start. No spam, unsubscribe anytime, we never share your address. By subscribing you agree to the privacy policy.