Peru's Finance Minister Pedro Francke said that that the mining taxes could be raised by the new left-wing administration without affecting the competitiveness of the private sector. The move was expected to provide funds for public expenditure as well as reduce the fiscal deficit. However, this announcement brought investors worries.

Peru is the second-largest copper producer in the world. This country is highly dependent on mining taxes.

The new President Pedro Castillo has promised to help the poor in the country by providing more social programs.