Shares in mining companies operating in Peru fell on Monday after a leftwing former coup leader won a narrow victory in the country’s presidential election.
Grupo Mexico, a metals mining company with operations in Peru, fell almost 6 per cent in morning trading. London-listed Xstrata, another mining company with interests in the Andean nation, slid 1 per cent in a rising market.
Ollanta Humala’s victory has provoked widespread fears he would lead a wave of nationalisations and higher taxes on foreign companies. Mr Humala has suggested Peru could impose a windfall tax of up to 40 per cent on mining companies, and also raise the 30 per cent rate that miners currently pay.
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