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Guatemala plans radical changes at mining regulatory framework
President Otto Perez Molina submitted to the Congress of Guatemala a proposal to reform 55 articles of the Constitution of the Central American nation, including an article that allows the government to acquire up to 40% of companies that exploit natural resources in the country. It would affect oil developers, mining companies and several other firms.
While Mr. Molina defends changing the Constitution to increase state presence in mining and oil activities, Guatemala's Ministry of Energy and Mines proposed amendments to the country's Mining Act including changes to 30 articles and two other initiatives now being discussed in the country's Congress. Those changes include legislation to formalize the country's current system of voluntary royalty payments, increase royalties on mining companies, and establish a mining fund to distribute income from mining royalties to local governments, and requiring community consultation prior to the granting of a mining license, citing the country “needs to modernize laws through a comprehensive analysis with the mining laws of other nations”.
Publicado em: 28/6/2012 18:32:00
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