Vancouver-based Bear Creek Mining (TSXV: BCM) has filed an application for a constitutional injunction, known as an amparo, against the Peruvian government.
The company is seeking to overturn the cancellation of its rights to its Santa Ana mineral concessions.
In June, the Peruvian government issued a presidential decree that resulted in the cancellation of Bear Creek’s authorization to own the Santa Ana mineral concessions.
(See: “Bear Creek shares tumble after Peru revokes mineral rights” – BIV Business Today, June 27.)
Andrew Swarthout, Bear Creek CEO, stated: “Despite the measures taken recently by the Peruvian government which have forced Bear Creek to take legal action to defend its rights under the law, the company believes that a political solution is yet possible.
“Santa Ana exemplifies the kind of environmentally sound mining project that the country needs to achieve the goal of further reducing poverty in Peru.
Therefore, we see an opportunity with the incoming government by expressing our commitment to being a part of Peru's solution to poverty issues. Every effort is being made by the company to assist the national and local authorities in reaching a solution.”
Bear Creek stated that the Santa Ana project will provide 2,500 jobs, and more than US$330 million in royalties and taxes for the Peruvian people and surrounding communities.
At press time, shares of Bear Creek were trading up $0.10 to $4.05.
Jennifer Harrison