Viceroyalty of Peru Guayaquil and El Callao, but on 4 February he captured Valdivia, called at the time "The Key of the South Seas" and the "Gibraltar of the Pacific", due to its huge fortifications. However the viceroyalty managed to defend Chiloé Island until 1826. On September 8, 1820, the "Expedición Libertadora" of Peru, organized mainly by Argentinians and with some Peruvian and Chilean involvement, landed on the beach at Paracas Bay, near the city of Pisco, Peru. The army was under the command of José de San Martín. After fruitless negotiations with the viceroy, San Martín occupied the Peruvian capital of Lima
Mineral industry of Peru No. 868 of May 1996 (Texto Unico Official) provide guaranteed protections to mining ventures and contracts under the Peruvian Civil Code. Consequently, such ventures and contracts are immune from unilateral changes by any governmental authority in Peru without an appropriate legal or administrative remedy or arbitration by the Convenio Constitutivo del Centro Internacional de Arreglo de Differencias Relativas an Inversiones (Formal Consent of the International Center for Settlement of Relative Differences on Investments). Additionally, Peru enacted the Supreme Decree No. 047-2002-EF of April 2002 (import duties for capital goods) to reduce the duties paid to 7% from 20% and 12%