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.

"However, both companies stressed that they will pay such royalties voluntarily.

So far, the payment of 2% of the royalties has represented for Petaquilla Gold SA approximately $3 million from the more than $180 million in net sales of minerals, a figure that includes the cost of smelting gold and silver exported between 2010 and the first quarter of 2012", reported Capital.com.

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More on this topic

Goldcorp Minera Agrees to Pay Higher Royalties in Guatemala

October 2011

In light of discussions in Congress over the mining reform project, representatives from mining companies are warning that royalties that should not exceed 8%.

Mario Marroquin, executive director of Golcorp in the country, said his client would abide by the decision arising from the reform, but warned that a percentage larger than 8% would be untenable for any mining project.

Panama: Amendments to Mining Code Approved

February 2011

The Panamanian National Assembly approved bill number 277 which amends the Mineral Resources Code.

The proposal, which was approved in first and second debate, was adopted with 42 votes in favor, 15 against and no abstentions and it adjusts fees and royalties to be paid for mineral concessions, which will increase to 5%.

Debate Over Panamanian Mining Code Reform

October 2011

The Commerce Commission of the National Assembly has begun discussing Bill No.394, which restores repealed articles in the Mineral Resources Code.

A press release from the Panamanian National Assembly reads:

The Commerce Commission began discussing Bill No. 394, which restores repealed articles in the Mineral Resources Code, Act 109 of 1973 and Act 55 of 1973, which, taken together, regulate the exploration and exploitation of metallic and non-metallic minerals.

State Mining Project in Guatemala

June 2012

The bill also deals with the distribution of royalties, the formation of a Mining Council, and the creation of environmental insurance.

A bill has been presented in the Guatemalan Congress to amend 30 articles of the Mining Act. Among the changes is the creation of a state mining company which may participate in public or mixed investments.

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