How to make use of Nickel license
In a recent statement, in a paid, the Guatemalan Nickel Company (CGN), licensee for the use of nickel in our country, confirmed that in 2004 when he revived the project for exploitation of nickel in El Estor, Izabal, the State Guatemala was the holder of 30 per cent of the paid up capital of the CGN (90 thousand shares).
In addition, the GTC, in his statement, says that “the State of Guatemala knew the project would require funds amounting to over U.S. $ 1,000 million, which represented a state investment of over U.S. $ 300 million for the capitalization of CGN “and also that the State of Guatemala” was not involved in several capital appeals CGN did in the past three years “and that” this capital was paid by other shareholders. “
In any case, calls are capital requirements that make a corporation to its stockholders to proceed to make appropriate monetary contributions or in kind to be covered by a capital increase. If shareholders, in exercising its preemptive right actions, they provide the part of their share capital, the corporation is empowered to place shares not paid between interested parties.
Finally, the GTC says that “currently, the State of Guatemala maintains its 90 thousand shares in CGN, which due to its decision not to provide capital now represents a stake of about 2 percent.
What had transpired prior to the information provided by the CGN was that the contribution that the State of Guatemala was obliged to do to keep its 30 percent ownership interest in the CGN amounted to Q300 million, and, in refusing the Government deliver the contribution that belonged to Guatemala, the respective shares had been sold on the international market for U.S. $ 1,000 million. Therefore, a potential asset for U.S. $ 1.000 billion was lost by not providing Q300 million (slightly less than $ 40 million).
In our opinion, the Government should fully clarify this point, so that eliminates any sign of doubt. The secrecy and suspicion and secrecy only generate more distrust. In addition, two questions have assaulted us from the beginning: was powers the Ministry of Finance to waive the right of preemptive action of the State of Guatemala in the CGN? Why not be brought to the attention of Congress calls for capital, so that as the only body empowered to extend the budget for expenditures of the state, should decide whether or not to provide this?
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