Guatemalan President Otto Perez Molina is floating a proposal to change the constitution to allow the government to take up to a 40 percent stake in new mining projects in the country, a government spokesman said on Thursday.
News of the plan hit Canadian mining companies working in Guatemala, especially Tahoe Resources Inc.
The government spokesman, Francisco Cuevas, told Reuters the changes would not apply to companies already operating in the country, only to future mines.
"It is an executive proposal for non-renewable resources.
The government would become a partner in 40 percent of the properties," Cuevas said. "This is a result of looking at mining policies in Chile, Bolivia and other countries who have used a similar model.". . .View Full Article