Opposition to Mining Law Reform
Mining companies in Guatemala are opposing the state being able to become their business partner, noting that it may be the prelude to nationalization or confiscation.
Tuesday, July 3, 2012
Article 125 of the bill to reform the current legal framework for the extractive industries in Guatemala, would enable the state to have participation in companies that exploit natural resources.
The mere announcement of the draft constitutional reform in Guatemala so that the State can participate as a partner in mining companies has brought down the shareholder value of Tahoe Resources by 22%.
Mining businesses are concerned about communities who are resistance to mining activities, delays in the approval of permits and amendments to the Mining Act.
President Pérez Molina has presented his proposal for constitutional reform, which includes allowing the state to hold up to a 40% stake in companies that exploit natural resources.
The executive said he will push ahead with passing the bill to allow the state to have a 40% share in mining projects.
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