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Guatemala mining industry revamp sent to Congress

Tuesday, October 16, 2012

A proposal to allow state participation in Guatemala’s mining sector and alter 35 articles of existing legislation was presented to Congress on October 12, La Prensa Libre said.

The proposed changes would create a state-controlled mining fund that distributes 55 percent of the royalties earned from mineral extraction to municipalities at or near the mining sites, the Guatemala City-based newspaper reported.

An additional 40 percent of the royalties would be placed into a mining fund while 5 percent would be distributed to the Energy, Environment and Natural Resources ministries, Prensa Libre said.

Source: Bloomberg