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Guatemalan president withdraws mining law reform

Monday, August 6, 2012

Foreign companies considering new exploration programs in Guatemala no longer have to worry about mandatory government participation in their new mining projects.

Guatemalan President Otto Pérez Molina had officially withdrawn two proposed amendments to Guatemalan Constitution pertaining to mining law reform, including a highly controversial trial balloon which would have permitted state ownership of up to 40 percent in new mining projects.

If adopted, Article 125 would have allowed the Guatemalan government to acquire up to 40 percent ownership or equity in future new mining projects, which were not already operating in Guatemala.

Source: Mineweb