Panamanian Gold Exports Shoot Up

Gold exports have increased from 5,749 ounces in the first half of 2009 to 33,369 in the same period of this year.

Monday, August 2, 2010

According to information from the National Comptroller's Office, income from gold exports increased from $1.5m to $23.8m.

"Experts and the Panamanian Mining Chamber say that the figures are entirely due to the beginning of Petaquilla's operations in Colón, which will already be generating royalties for the government, though not everyone agrees with the project," reports

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Mining Royalties in Panama

March 2012

As gold becomes an important export item, royalties paid by mining companies remain low.

Gold exports rose by 63% between 2010 and 2011, reaching $85.1 million last year. Petaquilla Gold, owner of the Molejon mine, became the largest exporter in the country.

With the growth of the industry, questions are being asked about the royalties paid to the Panamanian government by these mining companies, currently set at 2% of sales.

Panama: Gold Leads Growth in Exports

September 2011

In the first six months of the year the country exported $9.5 million more than it did in the same period in 2010.

According to the Controller's Office, total exports of gold last June was $54.4 million, compared with $33 million in the same period in 2010. Gold exports have been rising month on month, from $8 million in April 2011 to $11 million in June 2011.

Panamanian Exports to Canada Soar

September 2010

For the first time since records began, exports of goods to Canada in the first six months of the year managed a trade surplus.

Panama's total exports to Canada were $37.4 million in the first half of the year while imports were $29.1 million.

According to data from the National Comptroller's Office, the reason for the surplus was the sale of gold for non-monetary purposes, which made up 90% of total exports.

Panama Triples Gold Exports

March 2010

Gold exports summed $16 million in 2009, three times more than in 2008, according to data from the Economy ministry.

Zorel Morales, president of the Mining Chamber of Panama, explained that the main driver of this growth was the opening of Petaquilla Gold mine, located in Donoso, Colón.

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