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.

Market Intelligence

Everything about exports and imports in Panama.

Top companies - Quantities, amounts and prices.

more info

More on this topic

In 2010, Guatemala Exported $528 million in Gold and Silver

September 2011

Mining in Guatemala pays 1% in royalties. In Colombia, the royalties are 4% and in Chile's mining industry pays the state 14% of gross sales.

In the past five years, exports of silver and gold have increased from $14.6 million in 2005 to $528 million in 2010.

The most recent announcement made by the Canadian mining Goldex Resources Corporation, revealed preliminary results of testing of the first seven out of twelve drill holes, on its flagship property, the El Pato Project, in Chiquimula. "The mining company said it has found high-grade mineralization of 12.4 grams of gold per ton", reported Alexis Batres in an article in Elperiodico.com.gt.

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.

Guatemala: Mining Project Raises Royalties to 5%

April 2013

The San Rafael mining company will contribute 5% royalties to the departments of Santa Rosa and Japala, amounting to more than $80 million annually in taxes and profits for the country.

After several months of conflicts the mining company San Rafael, which is expected to start exploiting minerals later this year, and these two departments have reached an agreement.

Hydrocarbon Extraction Law Moves Forward

August 2013

Bill 618 establishes a system of royalties and taxes on companies engaged in oil exploration and extraction in Panama.

The project, which amends Act 8 of 1987, has been approved on its first reading by the Commerce Commission of the Legislative Assembly of Panama.

The rule "includes a legal and tax regime applicable to the exploration and production of hydrocarbons, making changes to the description of permits and contracts for exploration and exploitation, as well as adjustments to the percentage received by the state", reported Panamaamerica.com.pa.

 close (x)

Receive more news about Mining & Geology

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Commercial Property on main road, Sarapaqui, Costa Rica

Properties for sale on main road from San Carlos to Port Limón.
Opportunity: - Four lots of 5,000 mts2 (50,000 ft2) on...

Stock Indexes

(Apr 17)
Dow Jones
-0.10%
S&P 500
0.14%
Nasdaq
0.23%

Commodities

(Apr 17)
Brent Crude Oil
109.16
Coffee "C"
204.1
Gold
1,294
Silver
19.596