Guatemala seeks new royalty rates on mining firms
Guatemala's Ministry of Energy and Mines has introduced amendments to 30 articles of the country's Mining Act, one of which would require 147 companies with operating licenses to pay new royalty rates.
The amendments would also replace a voluntary agreement signed earlier this year between the mining industry and Guatemala's President Otto Perez Molina which increased the royalty rate on gross revenue by 400 percent. Gold and silver companies now voluntarily pay 4 percent, while base metals pay 3 percent and industrial minerals remained at 1 percent.
As a result the state is expected to reap royalties between $76.38 million to $89 million this year, up $63 million more than previously paid by Guatemala's mining industry.