FP/wire say Goldcorp mulls Guatemala play
2014-12-04 08:27 ET - In the News
Shares issued 813,531,618
G Close 2014-12-03 C$ 23.48
The Financial Post reports in its Thursday, Dec. 4, edition that Goldcorp said on Wednesday it will examine its future investment in Guatemala following the country's move to raise mining royalties from 1 per cent to 10 per cent. A Reuters dispatch to the Post reports that late last week, Guatemala's Congress changed a nearly 20-year-old mining law to raise the royalties. Proposals to increase the levy had failed in previous years. Reuters says such a steep increase had seemed unlikely. Guatemalan President Otto Perez has yet to sign the measure into law, but the country's main industrial chamber has already said it is mulling a legal challenge. Goldcorp, which operates the Marlin mine, the country's largest, said it would have to look at its future investment in Guatemala as a result of the new measures. Goldcorp spokesman Christine Marks says, "We will need to revisit our future investment plans in the country in order to ensure that we can generate the best returns for our shareholders." She says the Marlin mine, which is expected to produce up to 185,000 ounces of gold this year, is nearing the end of its life, and thus the new measures would have "limited impact on Goldcorp's overall financials." |
