The mining company is progressively reducing gold extractions and will achieve total closure in 2017, while efforts begin to recover the area.
During 2013 202.200 ounces of gold were extracted, while in 2014 a decrease was reported of at least 185,000 ounces. It is expected that production this year will be equal to or lower to those last year and 2016 is expected to be the last year that extractions will be made, projecting approximately 150,000 ounces.
Royalties on mineral holdings in Guatemala will be imposed on three levels related to the base value of the extracted material.
According to Mario Marroquin, president of the Union of Mining and CEO of the company Montana Exploradora (main extractor of gold and silver in Guatemala), precious metals are those with the highest and there are other lower rates for base metals and non-metallic minerals.
After two years of not granting mining licenses, the Ministry of Energy and Mines has approved exploration in the departments of Alta Verapaz, El Progreso, Zacapa, Jalapa, Jutiapa, Quiche and Santa Rosa.
Of the one hundred and eighty applications that were pending, the Ministry has already resolved one hundred, said the head of the ministry, Erick Archila.
In light of discussions in Congress over the mining reform project, representatives from mining companies are warning that royalties that should not exceed 8%.
Mario Marroquin, executive director of Golcorp in the country, said his client would abide by the decision arising from the reform, but warned that a percentage larger than 8% would be untenable for any mining project.
Due to the rising prices of gold and silver, the amount exported in the first quarter increased from $100 million in 2010 to $177 million in 2011.
The upward trend in exports was already reflected last year in 2010, when they showed an increase of 52% in monetary terms in relation to 2009.
An article in Siglo21.com.gt includes a statement from the Montana company, "People and organizations turn to gold as a way to protect their savings from unstable world economic situations, prospects for inflation and the instability of the dollar. Gold is a resource which people traditionally turn to, as it is a way to safeguard the purchasing power of savings for the future. "
Goldcorp plans to increase production from 296.100 ounces of gold in 2010 to 400.000 in 2011.
If the goal is met, it would be the second highest percentage growth.
Sigloxxi.com reports in their article, "the company, owner of Montana Exploradora, which operates Marlin, estimates it will produce in 2011 between 2.65 million and 2.75 million ounces of gold in all of their mines, in which the Guatemalan operation would contributes less than half a million ounces, the second in volume for the multinational."
The Canadian miner reported gold and plant exports from the Marlin mine for $ 449.7 million in 2010.
Mario Marroquin Rivera, executive director of Goldcorp, explained that the total export of gold was $ 368 million and silver sales totaled $ 131 million.
Prensalibre.com notes in their article, "In the five years of operation of the Marlin mine, sales totaled $ 1,416 million, of which U.S.
The country's attorney general has ordered all activity to cease while complaints are investigated.
The order to suspend mining activity, directed at the Guatemalan Ministry of Energy and Mines (MEM), is a response to the precautionary measure issued by the Inter-American Commission on Human Rights (IAHCR).
Elperiodico.com.gt reports that, "Last May, IAHCR ordered the Guatemalan state to suspend the mine's work and requested information on the level of soil, air and water contamination".
Company directors say that they will continue to expand with new "Cerro Blanco" project.
Almost two months since the Inter-American Commission on Human Rights (IAHCR) recommended to the Guatemalan government that Goldcorp's operations at the Marlin mine be suspended, the administration has ordered a review to determine whether or not a suspension is appropriate. Meanwhile, Goldcorp continues its operations in the country.
The temporary suspension announced by President Alvaro Colom won’t take effect immediately.
Representatives from Goldcorp, owner of the mine, remarked that they will continue operating while the investigation takes place.
PrensaLibre.com printed statements by President Alvaro Colom: “We answered to the CIDH’s request, but there is a due legal and administrative procedure. The company has its rights, and the accusations still have to be proven”.
Montana Exploradora, a subsidiary from Goldcorp, is exploring a silver deposit located on the east of Guatemala.
Jorge Sandoval, advisor to the company, explained that the deposit could be classified as a “world-class” asset, due to its size. They estimate it could yield 130 million ounces.
Sandoval explained to newspaper Prensa Libre that the company “only has permission to explore, as on 2009 president Alvaro Colom suspended the issuing of licenses for exploitation of mineral deposits”.