Since 2006, mining sector's social funds have totaled S/1.680 billion (about US$522 million) in favor of communities based in the surrounding areas where said activities are carried out, Energy and Mines Ministry (MEM) reported Tuesday.
"What are Social Funds and how are they distributed?" is the main topic of MEM's latest mining newsletter.
This bulletin notes mining sector's social funds are resources made up of a percentage of State-owned mining projects' revenue, whose purpose is to finance social programs that benefit people residing near mining projects.
Social funds prioritize humanitarian assistance, infrastructure, basic services, training, capacity strengthening, and financing programs in order to generate productive employment for the population, mainly from the most vulnerable areas
According to the regulation, 85% of these resources are distributed among population centers or communities, 10% among district municipalities, and 5% among province municipalities.
There are currently seven social funds in regions: La Libertad, Apurimac, Cajamarca, Junin, Piura, and Ancash.