Panamanian Mining Code Reform Revoked

A Special Cabinet Council approved a bill revoking Law 8 of February 11, 2011, which amends the Mining Code.

Friday, March 4, 2011

The reform, which is now no longer in effect, had intended to boost the exploitation of mining resources in Panama by, among other things, allowing foreign governments to become shareholders in mining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Provisions establishing penalties for corporate irregularities are also no longer in effect.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.

More on this topic

Panama Cobre Unaffected by Mining Law Repeal

March 2011

Following the announcement of the revoked legal reform which had enabled financing from the Korean government, Inmet Mining announced that it has other investment alternatives.

Law 8 of February 2010, amended the 1963 Mining Code, eliminating, among other reforms, the ban on foreign governments to have equity participation in Panamanian mining projects.

Costa Rica Bans Open Pit Mining

November 2010

The Legislature approved, in its first discussion, a bill banning open pit mining.

With a unanimous vote of 50 representatives on first debate, the mining code reform was approved.

Next Tuesday second debate will be voted and if approved, along with the signature of President Laura Chinchilla, it will come into effect.

New Mining Code Approved in Panama

October 2010

The Cabinet Council approved the mining legislation reform, which must be supported by the National Assembly.

The new legislation allows foreign states to participate in mining activities in Panama. Current legislation prohibits participation of foreign states in mining concessions.

Change to Mining Law Will Enable $500 Million Deal

August 2010

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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