Guatemala Steps Back from Mining Reform Plans

Source: Reuters (8/7/12)

"The Guatemalan government is stepping back from plans to take a stake of as much as 40% in new mining projects, a top government official said."

Reuters

The Guatemalan government is stepping back from plans to take a stake of as much as 40% in new mining projects, a top government official said on Monday.

Fernando Carrera, a top adviser who helped draft the reform, told Reuters the proposal would be withdrawn from a package of constitutional reforms, although it could be included in another legislative change down the track.

"We realized it was making a lot of noise internationally and we decided to withdraw it," he said.

The proposal, part of a package of constitutional changes that include judicial and legislative reform, would have allowed the government to become a shareholder in up to 40% of all future mining and oil companies in the Central American nation. . .View Full Article

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