182 Project Name Facilities Facilities Facilitie s o Phoenix Gold Mine Underground, Gold Idaho Springs Colorad o Crystal Gold Mine Underground, Gold Kellogg Idaho Kentucky Coal Mining Museum Underground, Coal Benham Kentuck y Sterling Hill Mining Museum Underground, Zinc Ogdensbur g New Jersey North Star Mining Museum Surface, Gold Grass Valley Californ ia Northeastern Mining Nevada Museum Old Town Elko Nevada 5. REGULATORY, FINANCIAL, AND GOVERNANCE FRAMEWORK IN THE REGION 5.1. The Role of Government Policies and Legislation Although the existence of a robust legal framework is a crucial step, it is not sufficient on its own to ensure the transition. In Latin America, regulatory effectiveness faces challenges related to governance, oversight, institutional continuity, and financing. In the case of Peru, this is compounded by illegal or informal mining, which generates environmental liabilities without clearly identified responsible parties. Therefore, effective governance and oversight are just as important as the legal framework for ensuring that the transition moves from theory to practice. 5.2. Incentives and Financing Mechanisms for Conversion The transition requires financing mechanisms that encourage private investment in projects with a social impact (Crouse, Weinig & Kos, 2024). These may include tax incentives, deductions for environmental investments, trusts, or the “Works for Taxes” program—a mechanism that channels corporate resources toward projects with social and economic impact. 6. OPPORTUNITIES AND CHALLENGES IN PERU Peru, a country with a rich mining tradition, faces a dichotomy in the management of its industrial mining legacy. Although there is a regulatory framework governing the closure of mining liabilities and mines, large-scale conversion projects for tourism are scarce. Efforts in the country have mainly focused on reforestation, dismantling or demolishing infrastructure and closure of surface and underground operations. The implementation of mining tourism models faces significant barriers: high closure costs, bureaucracy, limited investment, and the persistence of illegal and informal mining. In
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