MMG Triumphs in Major Peruvian Tax Dispute

MMG (HK:1208) has released an update.

MMG Limited’s subsidiary Minera Las Bambas S.A. has received favorable rulings from the Tax Court in Peru, exempting it from a 30% penalty withholding tax for the 2014 and 2016 tax years, amounting to $247 million including interest. The court rejected the Peruvian National Superintendence of Tax Administration’s interpretation that MMG and its lenders were related parties engaging in tax avoidance. It remains uncertain if the tax authority will appeal the court’s decisions.

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