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. Davidken Studnicki-Gizbert, an expert in the mining history of Latin America and North America, notes that each ounce of gold costs between $250 and $350 and sells at over $1,500, so a 2% royalty becomes "questionable."
The Canadian company Minera Panama, SA announced that it will only pay a 2% royalty on profits to the Panamanian State.
The official response from the company was given last week, after several months of discussion with the current government, including after bringing up in the reform of the Mineral Resources Code (last February) the possibility of upgrading the royalties from 2% to 4%.
Minera Panamá, a subsidiary of Inmet Mining Co., is to invest $25 million this year in infrastructure projects and environmental management.
Ricardo Martinelli's presidential visit was the setting for the announcement of a 720 hectare "Reforestation and Ecological Recuperation Plan", which will add to the 210 hectares that have already been reforested. This new plan will require $6 million worth of investment to be carried out across the country in coordination with Panama's National Environmental Authority (ANAM in Spanish), as part of programs of biodiversity conservation and protection.
Constructora Celaque is a leader when it comes to construction of civil projects and mining in Honduras with more than 15 years of experience.
Operates in Honduras and Honduras
Phone: (504) 2239 6794 - (504) 9905 7845
Armstrong Equipment, Inc. is an American based company that specializes in the distribution to Latin America of equipment and parts used in the mining sector, rock crushing and asphalt paving.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (305) 592 8361