Deadline for copper mine agreement has passed

The deadline for the Panamanian government and Minera Panama to reach an agreement expired at midnight on Wednesday, December 14, and there was no agreement, despite the fact that Minera Panamá, a few days ago, accepted the Government’s proposal reports La Estrella.

Minera Panamá understands the general terms proposed by the National Government of Panama while considering a minimum annual contribution of $375 million by the Cobre Panamá mine to be reasonable,” Minera Panamá noted in a statement released on January 17. The note adds: “In this sense, we accept the proposal of the National Government, while we request that the necessary protections be provided in order to safeguard the continuity of the operation during the life of the project.”

The Government held discussions with the company until 6:00 am today. “Minera Panamá did not accept the agreement and it was not until 6:16 am that the company sent a new proposal. In it, it fundamentally changed economic aspects, such as a modification to the previously agreed royalties regime,” the National Government informed through a press release from the Ministry of Commerce and Industry. The President of the Republic of Panama, Laurentino Cortizo, will inform the Panamanian people today, Thursday, December 15, about the Government’s efforts to sign the contract with Minera Panama for the operation of the Panama Copper Mine.