Foreign miners in Guatemala to pay higher royalties

Guatemala’s President Otto Pérez Molina has approved a new rule passed by the Congress that rises taxes to transnational miners operating in the country from 1 to 10 percent.

The change to the country’s 20-year-old mining law is just one of the major reforms recently introduced by the current government. Under the new regulation all miners will see their bill increase tenfold, except for nickel and jade extractive companies, which will only pay 5 and 6 percent respectively.

There already is a growing group of affected entities that are joining forces to legally challenge the 2015 national budget, where the changes to the mining law were included.

Source: Mining.com