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European-owned mine paid Guatemala just £1.4m in compulsory royalty taxes

1 month ago   |   By The Guardian

Swiss-based Solway group that runs Fenix nickel mine paid 1% on revenues from unrefined ore Guatemalans who pay price for west's need for nickel 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...
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