Panama: Royalties Payable by Mining Companies Increase to 4%

Modifications planned to the Mining Resources Code also include requirements for environmental studies.

Wednesday, July 7, 2010

In addition to the increase in royalties from 2% to 4%, the reforms to the Mining Resources Code that the Panamanian government is working on will include the payment of taxes as soon as companies generate revenue, as well as the requirement for environmental impact assessments (EIAs).

The precise content of the reforms is unknown but the minister for Industry and Commerce, Roberto Henríquez, commented that mining companies will have to pay the same percentage as levied on Petaquilla Gold, which was increased by the current administration from 2% to 4%.

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