Peru

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Before undertaking the exploration of a concession, a mining company must receive authorization from the owners or municipal authorities by way of a minerals lease agreement. Under Peruvian law, the right to explore for and exploit minerals is granted by way of concessions. A Peruvian mining concession is a property-related right; distinct and independent from the ownership of land on which it is located, even when both belong to the same person. The rights granted by a mining concession are defensible against third parties, transferable, chargeable and, in general, may be the subject of any transaction or contract. Participating interests in mining concessions can be optioned or transferred. Buildings and other permanent structures used in a mining operation are considered real property accessory to the concession on which they are situated. The term of a mining concession is indefinite if it is properly maintained by payment of annual rental duties.