European-owned mine paid Guatemala just £1.4m in compulsory royalty taxes
by Juliette Garside from on (#4HGWZ)
Swiss-based Solway group that runs Fenix nickel mine paid 1% on revenues from unrefined ore
Guatemala's largest nickel mine paid just 1.4m in compulsory royalty taxes during its first four years of production, according to its latest filings.
The opencast Fenix mine belongs to the Bronstein family and is run by their Swiss-based Solway group. Solway benefits from Guatemala's low nickel royalty rate, which is calculated at just 1% of all the revenues made from selling the unrefined ore it digs out of the ground. Recent proposals to increase rates to 15% were not implemented.
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