Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Just over a week after Canada’s Goldcorp Inc (TSX:G, NYSE:GG) regained its environmental permit to operate the $3.9bn El Morro copper and gold mine in Chile, an indigenous community opposing the project announced it would submit a new lawsuit against it this month.
According to EuropaPress (in Spanish), the northern Chile’s Diaguita group is claiming that Goldcorp did not conducted the required consultation properly to regain its licence.
Those were the same grounds on which both the country’s Supreme Court and the new environmental regulator suspended the project last year.
El Morro, Goldcorp’s 70% owned and only major asset in Chile, is expected to produce about 200 million pounds of copper a year and over 210,000 ounces of gold for the Vancouver-based firm.
New Gold (TSX:NGD) owns the remaining 30% of the mine.
2 Comments
BigEdmachine
Headline should be Billion not million.
MINING.com Editors
You are right. Thank you for noticing!
Best,
Cecilia