Funds from Minera must not be used politically  – Cciap

The  funds generated by the agreement between the State and Minera Panamá for the extraction of copper,  must not be used for political purposes  but for the strategic development of the country says Panama’s Chamber of Commerce, Industries, and Agriculture (Cciap).

In its weekly letter, the business association highlighted the importance of respecting what was agreed at the negotiating table until the approval of the Contract Law in the National Assembly.

“It remains, as a pending point on the part of the National Government, to establish for the citizens the use that will be given to the funds that will be received annually, which in no way should be used for political purposes but for areas of strategic development of the country. in order to be invested in the long term”, is reflected in the document.

The contract with the mining company contemplates royalties on gross profits between 12% and 16% and the Government expects to receive more than $400 million annually based on the projections of the price of copper for the next few years.

At the same time, the Cciap warned that a revision of the mining policy is also pending from the Panamanian State, which must be directed towards a sustainable national economic strategy.

Likewise, it is suggested that it is crucial to strengthen the institutions in charge of supervising this activity with technical and not political teams. In addition, to update the legal framework that must monitor and regulate the fulfillment of the commitments reached.

Port opacity
“Notwithstanding the two previous points, today it is worth recognizing the exercise carried out in the case of the mine, which contrasts with the dark and unfair management given in the case of another key sector, the port. The negotiations and the decision to extend the contract for the Ports of Balboa and Cristóbal took place in the midst of opacity, the National Government opted for silence and to date, the Cciap has not received a response to two letters sent to the Administrator of the Maritime Authority of Panama (AMP). And there is nothing to indicate that the interests of the country have been defended or will be defended.”