You are currently viewing Government gives ultimatum to Minera Panama

With the Government’s proposal, the country would obtain income 10 times more than the average received between 2019 and 2021.

After four months from negotiations with the company Cobre Panamá, the High-level Negotiating Team, presented this Thursday a last economic-fiscal proposal to mining company qwho has a ptie until next January 17 to give an answer to the National Government.

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Concluded the rPlenary meeting No. 16, between both parties, the Minister of Commerce and Industries (Mici), Ramón Martínez, in the company of international advisers to the G7 Council of Experts (Conex G), reiterated that This proposal aims to receiver go fair economic benefits, by loss and exploitation of the Panamanian mineral resources and that enable the company to maintain profitability.

From On the first day, we proposed that the fiscal economic scheme, I know resemble the best international practicess, de countries like Chile and Peru, manifested the Minister of Trade and Industries, Ramón Martínez, at the end of the plenary meeting between National Government Team and the Cobre Panama company.

The The proposal presented, in economic-fiscal matters, consisted of:
Collect a royalty on gross profit (This royalty ranges from 12 to 16%).
– Collection of income tax, which must be collected from the first year.
Tax holidays are eliminated.
Withholding tax for bank interest payments and withholding for dividend payments.
With this scheme, the Panamanian state would receive income from the company Cobre Panamá, over 400 million balboas annually; the same ensures a minimum payment to the State by the companyof 375 million balboas with copper price independence. This would represent for the country more than 10 times the annual average received between 2019 and 2021.

The Cobre Panamá mine, located in the Donoso district, Colón province; It is the largest private investment in the country, contributing 3.5% to the country’s Gross Domestic Product (GDP) and thousands of direct and indirect jobs.

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