Panama Could Change Mining Legislation

©image: ABACERIA DEL SUR Tienda de comercio electrónico

According to Martinelli the country has big opportunities in mining, and lack of regulation cannot be an issue in taking advantage of them.

“Lee Myung-Bak, Korean President, told us to change the law. We’ll do it, I want the Korean Government, Canadian and U.S. investors to invest in the country”.

Source: prensa.com.pa and Prensa.com

More on this topic

Korea Interested in Panamanian Copper

May 2010

Korean companies are interested in the Gnäbe-Buglé field (Cerro Colorado), and the copper mining project by “Minera Panama” in Cocle.

Lee Myung-bak, president of South Korea, will visit Panama in June. He will meet with President Ricardo Martinelli to discuss Korea’s involvement in the country’s mining projects.

Mining Law to be Publicly Inquired in Costa Rica

July 2009

The Ministry of Energy and Environment started a public inquiry over the proposed regulation overseeing mining activities in the country.

The proposal includes an extension of the maximum concession length, from 25 to 30 years, for metal and non-metal activities.

From newspaper La Prensa Libre: "Once the period ends, if the company proves the existence of additional reserves or deposits, it may request to extend the concession for 10 additional years".

Mining Bill to Void 25 Exploration Applications

November 2011

Should the draft legislation under discussion in the Assembly of Panama be approved, 25 applications for mining exploration in the Ngäbe Bugle region would be made void.

The bill would see the prohibition of granting concessions for the exploration and exploitation of metallic and nonmetallic minerals in Ngäbe Bugle. Only those extractions that benefit the region would be authorized.

Panamanian Mining Code Changes in 2011

November 2010

The National Assembly will endorse the new code in 2011.

The mining code changes have already been approved by the cabinet last October.

"According to the head of the Ministry of Commerce and Industry, Roberto Henríquez, the Presidency has decided to extend the period in order to provide all the time in the world for the referendum, so that no one can say it was done in a hurry” stated to Prensa.com.