Royalties from Minera Panamá and Petaquilla Gold
Although the law does not require them to, the two mining companies pay voluntarily royalties of 4% to the Panamanian State.
Monday, August 20, 2012
Both mining companies indicated to Capital Financiero that although there was an amendment to the Code of Mineral Resources in Law 13 of April 3, 2012, their concession contract with the Panamanian state is governed by Law 9 of February 27, 1997 , therefore the changes made to the reform are not applicable to their activity. Among these changes is an increase in paying royalties from 2% to 4% for gold and from 2% to 5% for copper.
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