Estimates are that there are $200 billion worth of metals in the Panamanian subsoil, with copper predominating.
Although the largest proportion of mining reserves is copper, the four gold deposits identified alone are valued at about $5 billion.
Anpanama.com reports that "... The Panamanian government has granted in concession most of these deposits and their exploitation is currently in different stages, yet none have passed the stage of mining, which is when the material is excavated. At the moment Minera Panama has under construction the Panama Cobre mine which involves an investment of $6 billion.The Cobre Panama mine will be in production in late 2017 or early 2018. Another major project in gold and silver is Petaquilla Gold, which is currently paralyzed due to financial problems. "
Should the draft legislation under discussion in the Assembly of Panama be approved, 25 applications for mining exploration in the Ngäbe Bugle region would be made void.
The bill would see the prohibition of granting concessions for the exploration and exploitation of metallic and nonmetallic minerals in Ngäbe Bugle. Only those extractions that benefit the region would be authorized.
Exports of gold have topped the list of goods sold abroad; in the first 5 months of 2011 they totalled $43.1 million.
The industry has almost tripled compared to the same period in 2010, when sales were $15.2 million, and has displaced products like bananas, pineapples, meat and fish.
Roberto Cuevas, president of the Mining Chamber of Panama (Camipa) attributed the increase to the start-up of Petaquilla Gold, which is extracting gold from Colon and exporting it to Canada.