Reforms to Mining Law in Guatemala
The Energy, Mining and Economic commissions ruled on the Mining Law reforms.
Thursday, December 11, 2008
Fredy Viana, a lawmaker from the Patriotic Party, commented that the ruling proposes that royalties be increased from one percent to three, depending on whether they are precious metals or not, and abolishes the initial recognition license, leaving only two types: mining exploration and exploitation.
The Commerce Commission of the National Assembly has begun discussing Bill No.394, which restores repealed articles in the Mineral Resources Code.
The bill also deals with the distribution of royalties, the formation of a Mining Council, and the creation of environmental insurance.
"The state’s challenge is to modernize the mining industry sector ", said Eric Clay, Minister of Energy and Mines in Guatemala.
The Panamanian National Assembly approved bill number 277 which amends the Mineral Resources Code.
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