President Otto Perez Molina has approved a new rule passed by the Congress last week, which rises taxes to transnational miners operating in the country from 1% to 10%.
A study of about 40 explorers budgeting at least US$50 million total shows the larger players allocated a total of US$4.33 billion and accounted for 40% of the US$10.74 billion worldwide exploration total.
Anglo’s boss Mark Cutifani says company needs to find an extra $2 billion of earnings before interest and tax to meet the return on capital target set for 2015.