Peru's Humala proposes new tax stability contract for big miners

LIMA, June 19 Thu Jun 19, 2014 4:35pm EDT

LIMA, June 19 (Reuters) - Peru's President Ollanta Humala proposed a new contract for mining companies on Thursday that would lock in tax rates for 15 years on investments of at least $500 million, legislation showed.

The proposal is part of a package of reforms Humala is asking Congress to pass urgently to boost private investment as the Andean country's economy slows.

Other modifications include broadening existing tax stability contracts to include additional investments. (Reporting by Marco Aquino; Editing by James Dalgleish)