Cabinet Council approves Minera Panama contract

During Wednesday’s session, the Cabinet Council authorized the Minister of Commerce and Industry, Federico Alfaro Boyd, to sign the new contract with the Minera Panama company on behalf of the State.

The new agreement with Minera Panamá SA establishes a royalty of 12% to 16% of gross profit and a minimum payment of $375 million annually to Panama and contemplates significant improvements in labor and environmental matters for the State.

 “As a result of the public consultation carried out from March 22 to April 24 of this year, the district of La Pintada was included in the contract as a beneficiary of the Trust, in addition to Donoso and Omar Torrijos, and the form of appointment of Directors was modified. and the duration of the period thereof, ” said Alfaro.

The directors will be the elected representatives of the area and State ministers.

The contract must be reviewed and endorsed by the Comptroller General.

“Finally, we hope to finally submit it in the first week of July, once the board of directors of the National Assembly and the relevant commissions has been installed, to present it to the plenary session of the assembly for approval,” Alfaro said.

Once this period is over, the contract will be sent to President Laurentino Cortizo, to sanction the law it contains. The company will have 30 days to make the payment for the 2022-2023 period, once this law is enacted.