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Voluntary accord on increases in royalties revives anti-mining sentiment in Guatemala

Monday, February 20, 2012

Anti-mining sentiments flared up in Guatemala after the country's new president, retired general Otto Pérez Molina, signed a voluntary agreement to increase royalties paid by mining companies.

In the non-binding accord, the industry agreed to increase royalties from 1 to 5 percent for gold, from 1 to 4 percent for silver and from 1 to 3 percent for metals like nickel, lead and zinc.

The government of Guatemala estimates the increase in royalties will rise from $53 million a year up to $93 million, which the country's president says is a major achievement.

Source: The Guatemala Times