Guatemala seeks 40 percent stake in new mines

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