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Guatemala Withdraws Mining Proposal From Constitutional Changes

Guatemala will withdraw a proposal to change the constitution that would have allowed the state to acquire stakes of as much as 40 percent in natural resource companies, the government said in a statement.

The proposals had prompted concern among foreign investors, Fernando Carrera, the general secretary of government planning at the presidency, said in the statement.

The government may be able to push through the changes without changing the constitution, Carrera said.

The stock price for Reno, Nevada-based mining company Tahoe Resources Inc., which operates the Escobal silver mine southeast of Guatemala City, tumbled 24 percent on June 28 after reports of the proposal surfaced.

The remaining constitutional reform package, which will seek to diversify tax revenue and strengthen the Guatemalan justice system, is expected to be presented to congress this month, according to the statement.

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