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Mining companies in Guatemala to face increases in royalties from 1 to 3 percent

Thursday, January 26, 2012

The controversial 1 percent that Guatemala has traditionally imposed in the form of royalties on mining is to be increased to 3 percent under a voluntary accord between the government and the companies.

Mario Marroquín, director in Guatemala of Canada's Goldcorp, which operates the Marlin mine, reckons that the new rate will be similar to those of Brazil and Peru.

The accord is voluntary because it would have taken about 15 months for approval of reform of the mining laws.

Original source (in Spanish): El Periódico