Guatemala Mining Reform Pushed Ahead Despite ObjectionsFriday, July 6, 2012 The executive said he will push ahead with passing the bill to allow the state to have a 40% share in mining projects. The measure was immediately rejected by the sector. Opposition to Mining Law ReformTuesday, July 3, 2012 Mining companies in Guatemala are opposing the state being able to become their business partner, noting that it may be the prelude to nationalization or confiscation. Article 125 of the bill to reform the current legal framework for the extractive industries in Guatemala, would enable the state to have participation in companies that exploit natural resources. Guatemala Will Not Participate in Existing MiningWednesday, July 11, 2012 The mere announcement of the draft constitutional reform in Guatemala so that the State can participate as a partner in mining companies has brought down the shareholder value of Tahoe Resources by 22%. An article in Elperiodico.com.gt reveals the uncertainty and the damage amonst investors and businesses caused by the announcement of reforms to the Constitution that would include authorization for the State to participate by holding up to 40% of the shares belonging to companies engaged in metal extraction. Goldcorp Minera Agrees to Pay Higher Royalties in GuatemalaWednesday, October 26, 2011 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. |
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