"Peru is going to remain serious and responsible in the management of the economy," Mr. Humala said Saturday. "The last thing we want is to create uncertainty."

Mr. Humala said that Peru's economy grew by more than 6% during the last 12-month period, while inflation is expected to fall to within the Central Reserve Bank of Peru's target range of 1% to 3% by the end of 2012.

Among the government's accomplishments during the first year in office, Mr. Humala mentioned negotiations with the mining sector to increase taxes. The president said the changes brought in an additional 1.25 billion soles ($475 million) in revenue so far this year.

Mr. Humala added that mining companies will invest $30 billion in new projects in the next five years. However a number of these investments could be delayed if the government is unable to resolve social conflicts in the sector.

Mr. Humala only spent a few minutes during his speech to discuss social conflicts in the mining sector, which has been one of his biggest challenges during the last year.