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Guatemala won't seize mining firms, minister says

Tuesday, July 10, 2012

Guatemala Finance Minister Pavel Centeno ruled out a government seizure of stakes in mining or other natural resource companies as part of a series of proposed constitutional changes.

Existing investors won’t be affected by the proposed changes, which would allow the government to have as much as a 40 percent stake in natural resource companies, Centeno said in an interview today in Guatemala City.

“We are not going to expropriate, we don’t want to expropriate, this would be counterproductive,” Centeno said.

Source: Bloomberg