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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In light of discussions in Congress over the mining reform project, representatives from mining companies are warning that royalties that should not exceed 8%.
The Panamanian National Assembly approved bill number 277 which amends the Mineral Resources Code.
The Commerce Commission of the National Assembly has begun discussing Bill No.394, which restores repealed articles in the Mineral Resources Code.
The bill also deals with the distribution of royalties, the formation of a Mining Council, and the creation of environmental insurance.
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