Guatemala: Royalties According to Type of Mine

The miners of construction aggregates oppose the increase of 1% to 10% on mining royalties and propose that the tax should be proportional to the volume and type of material extracted.

Wednesday, January 7, 2015

The Mining Association of Guatemala (AMG) wants royalties to remain at 10% for gold and silver, while for limestone, sand, plaster and other building materials for them to be reduced to 3%, negotiable.

Belinda Sagastume, AMG secretary, told Prensalibre.com that "... We want to organize all national extractors. Seeing as payment of royalties is 10% higher than businesses can afford to pay. " 3% is the percentage that the sector would be willing to pay in royalties.

At Present "... The extraction of construction materials incurs a payment of 1% for royalties.



More on this topic

Marlin Gold Mine Generates $229 million in Six Months

September 2013

From these revenues the mine gave the State of Guatemala 4.25% in royalties.

The Marlin mine in San Marcos generated these revenues during the first half of 2013. "The cost of gold mining in San Marcos is $182 on average and is still the lowest of the 11 companies of which Goldcorp owns or has interests in in the continent," noted an article in Prensalibre.com .

Consulting Contract for Royalties

August 2012

The state of Guatemala has called for expressions of interest for conducting an audit on the royalties paid by mining and oil companies.

An official statement from the National Commission WORKING FOR THE IMPLEMENTATION OF TRANSPARENCY INITIATIVE (EITI) reads:

Consultancy: Development of national reconciliation study EITI-Guatemala

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

January 2012

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

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.

Minera Panama Will Only Pay 2% Royalty

May 2011

The Canadian company Minera Panama, SA announced that it will only pay a 2% royalty on profits to the Panamanian State.

The official response from the company was given last week, after several months of discussion with the current government, including after bringing up in the reform of the Mineral Resources Code (last February) the possibility of upgrading the royalties from 2% to 4%.