Mining & Geology Royalties mining Metal mining Mining Law royalties mines Mario Marroquín mining exploration Gremial de Industrias Extractivas Mining concessions Ministerio de Energía y Minas de Guatemala Otto Pérez Molina Chamber of Industry of Guatemala Compañía Guatemalteca de Níquel

Guatemala: Gold, silver mines to pay royalties of 4%

The agreement signed by 22 companies in the extractive industry will mean an increase in annual revenues from mining royalties of about $64 million.

Friday, January 27, 2012

Having previously paid 1% in royalties, gold and silver mining companies will pay the Guatemalan state a rate of 4%, said the President Otto Perez Molina.

"In the case of base metals, nickel and zinc, among others, the rate rises to 3 percent, while for non-metallic minerals, construction materials, the level will remain at 1 percent, as established by the law", informed PrensaLibre.com.

Perez Molina said that with the increase in royalties the state will gain between Q600 million ($77 million) and Q700 million ($90 million) this year, which is about Q500 million ($64 million) more than the amount the industry previously paid.

Source: prensalibre.com