Panama: Sand Extraction Area Extended

Regulators have added to the concession areas 499 hectares in Pacora and 1,530 in Rio Hato.

Thursday, February 17, 2011

The decision by the Ministry of Commerce and Industry (Mici) was published in the official newspaper on February 15.

"The concessions would be given just on the eve of an alleged increase in demand for the material. Also coincides with recent changes to the Mining Code, which among other things increases fees payable to the State by mining companies," noted Prensa.com.

More on this topic

Panama to Address Mining Industry

June 2009

The designated Deputy Minister of Trade and Industry, Ricardo Quijano, will seek a balance between environment and sustainable development.

The priorities of the new Ministry of Trade and Industry will be to review mining concessions and verify the current law on this matter for possible changes in favor of sustainable environmental development in Panama.

Lack of Mining Legislation in Panama

June 2011

The repeal of the mining reform approved on February 8, has left a legal vacuum.

Currently the industry is regulated by the Mineral Resources Code of 1963, except for items that were amended by the law reform of February 8, 2011, which was subsequently repealed. These article related to fines, fees, royalties and prohibition of investment by foreign states.

Panama: Veraguas Gold Mining Could Be Reactivated

October 2013

The approval of a draft contract-law in favor of Vera Gold Corp. would ensure an investment of more than $50 million in the former Santa Rosa mine.

This contract-law must first be approved by the Panamanian Congress. The lawyers explained that the aim of this type of concession by law is to protect the company.

Mining Code Reform in Panama

January 2011

The initiative reforming the Code of Mineral Resources was presented to the National Assembly.

The project, which amended Act 23 of 1963 increases fees, royalties and fines for the mining sector.

The entities responsible for ensuring proper management of the projects will work together with the Commerce Ministry and the National Environmental Authority.

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