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Guatemala seeks 40 percent stake in new mines

Friday, June 29, 2012

Guatemala's president is planning a constitutional amendment to give the government as much as a 40 percent stake in new mining projects, a government spokesman said on Thursday.
 Initial news of the plan hit Canadian mining companies working in Guatemala, especially Tahoe Resources Inc which is developing a $500 
million Escobal silver project southeast of Guatemala City.
Tahoe later recovered some losses, saying the government had guaranteed its operations would not be affected by any new law.
Source: Reuters