NEW YORK Guatemala is considering a two year moratorium
on new mining liciences.
President Otto Perez Molina said this week that his government
would present a bill to Congress authorizing a moratorium on
new mining licenses, during which the government would consider
new mining laws and facilitate a national dialogue between the
government, local communities and key industry sectors.
The move is the result of Cabinet meetings discussing the fate
of the countrys natural resources, with the president
viewing changes in mining laws as conducive to attracting
investment and creating a business environment that will
stimulate economic growth and help alleviate poverty in
Guatemala, the government said.
Guatemala has issued three mining licenses since the Molina
administration assumed power in January 2012, the president
Firestone Ventures Inc., Solway Group and Anfield Nickel Corp.,
all of which have base metal mining operations in Guatemala,
could not be reached for comment.
Tahoe Resources Inc., which is developing the Escobal silver
project in Guatemala, said that while none of its mining
licenses will be affected by the proposed action, it will
have to pull back on some of our regional work for a period of
While we are disappointed with the potential effects to
our regional exploration programs, Tahoe will continue to work
with the Guatemalan government to amend the mining law,
ensuring a profitable mining industry and continued economic
prosperity in the country, Tahoe president and chief
executive officer Kevin McArthur said.