Roberto Henríquez, Commerce Ministry, remarked that after several negotiations, they managed to achieve more benefits for the Panamanian state.

"The company promised to pay 4% of its gross income to the State as royalties, once they start commercializing the precious metal. The original contract established a royalty of 2%", reported Prensa.com.

Source: Prensa.com

More on this topic

Mining and Bureaucracy

April 2018

In Panama, it is being claimed that gold mining activity at the Cerro Quema mine will set back 18 months, due to a delay in approving the environmental study and the extension of a concession on the part of the government.

General managers of the company Minera Cerro Quema, in charge of the concession for the mine, stated that the Environmental Impact Study (EIA) was presented three years ago, and they have still not received approval from the authorities.

Notice of Cancellation Given to Petaquilla Gold

January 2015

Petaquilla Gold has been granted 180 days to catch up with outstanding payments of royalties, fees to the Social Security Department and other payments.

From a statement issued by the Ministry of Commerce and Industry of Panama (ICIM):

The Ministry of Trade and Industry announced today, to representatives of Petaquilla Gold, the decision to administratively resolve the granting of the Molejón mining project, recognizing an initial term of 180 calendar days, during which the company can rectify its faults in contractual obligations.

Petaquilla Produces 6,000 Ounces of Gold per Month in Panama

July 2010

Since operations began in January 2010, it has had sales of $36 million, paid production expenses of $21 million and sold each ounce for between $945 and $1,152.

The company was granted mining rights on 18 November 2009 and will pay the state 4% of gross earnings over the 20 years it plans to operate.

More Companies Apply for Gold Exploration in Panama

June 2010

On December 2009, the Commerce Ministry (Mici) received six new applications for exploring gold.

Mici had received an additional four between June and November 2009.

“Four companies filed these 10 requests for authorization: Competrol Panamá S.A., Royal Mineral Exploration Corp., Panamerican Mines Corp. y Santa Rosa Mining Corp. Combined, they intend to explore 81.222 hectares”, reported Prensa.com.