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Perú is the third largest country in South America, bounded on the north by Ecuador and Colombia, to the east by Brazil and Bolivia, to the south by Chile and to the west by the Pacific Ocean. It lies entirely within the Tropics between the Equator and 18° south. Geographically, Perú is divided into three major regions, a narrow coastal belt separated from the Amazon rain forest by the northern extension of the Andes mountain range. This narrow coastal belt is mainly desert and contains Perú's major cities and its best highway, the Pan-American, which runs the entire length of the country. The eastern slopes of the Andes receive much more rainfall than the western slopes and form part of the rain forest of the Amazon Basin.
Perú is one of the most extensively mineralised regions of the world and has a long history of mining activities dating back to pre-Columbian times. Perú plays host to some of the largest and lowest cost precious and base-metal mines in the world, including Alta Chicama, Yanacocha and Antamina and most of the world's major mining companies, including Xstrata, BHP-Billiton, Newmont, Freeport-McMoRan, Rio Tinto and Barrick have operations in the country.
In 1991, the mining law was simplified and now provides an attractive framework for development of minerals projects. There are few limitations on holding mineral concessions in Perú. Concessions can be held 100% by national or foreign companies indefinitely provided that an annual fee of US$3.00 per hectare per year is paid to the government as a land tax. The same concession title is valid for exploration and for mining, hence there is no complicated 'conversion' procedure. Peru's clear and simple mining law and excellent geological potential has helped the country to attract one of the largest budgets for minerals exploration and development in the world.
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