The reform, which is now no longer in effect, had intended to boost the exploitation of mining resources in Panama by, among other things, allowing foreign governments to become shareholders in mining companies.
Provisions establishing penalties for corporate irregularities are also no longer in effect.
Information on the web portal of Panama´s President:
"At a special Cabinet Council, President Ricardo Martinelli, together with Ministers of State, kept his word to indigenous groups and adopted a bill revoking Law 8 of February 11th, 2011, which amends the Mining Code.”
The proposal was submitted by the Minister of Trade and Industry, Roberto Henriquez, who stated that "because of the climate of unrest the country suffered in recent weeks, the Government has found it necessary to take measures to restore public order and peaceful coexistence."
The proposed bill was immediately presented to the National Assembly for approval.
Inmet, owner of Minera Panamá, will be able to reach an agreement with the government of Singapore to make it possible for it to take part in the Donoso copper mining project.
The final decision on the $500 million investment by Singapore is dependent on changes being made to Panama's mining code, which until now has prohibited the participation of foreign governments in the industry.
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