Monday, December 22, 2014 9:49:35 PM
Daniel Earle released a progress report on the recent legislation made to raise royalties on the precious metal industry.
The Guatemalan Congress passed legislation that would increase royalties on mining projects if enacted:
President Otto Molina must sign off on the legislation for it to become law
The legislation requires a total royalty rate of 10% – 9% to the federal government and 1% to local municipalities
Tahoe currently pays a 5.5% NSR (0.5% being a voluntary royalty to land owners) and a 7% NSR'tax'
Daniel Earle notes that Tahoe Resources CEO Kevin McArthur said, "It is unfortunate that Congress wants to raise royalties on precious metals at a time when the industry is struggling and facing the lowest metals prices in four years. In addition to voluntary royalty payments, the Escobal mine has been supporting a number of national, regional, and local community programs that we would expect the higher royalty payments to fund in the future."
Daniel Earle would go further and suggest that a combined 17% NSR royalty/tax structure would be among the most burdensome anywhere in the mining industry globally. For reference, Argentina's Santa Cruz Province, which Daniel Earle views as one of the most expensive jurisdictions in the world, currently applies royalties of 8% with an additional 35% income tax.
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