Guatemala candidate seeks higher mining royalties

The favorite for Guatemala’s upcoming presidential election wants a sharp increase on royalties imposed on mining companies.

Otto Pérez Molina, of the right-wing Patriot Party, said that Guatemala should raise mining royalties to 7-10 percent.

Guatemala currently charges 1 percent in royalties on the extraction of gold, silver and nickel, one of the lowest rates in Latin America.

Original source (in Spanish): Reuters