The new contract with Minera Panama has reached the Assembly

Minister of Trade and Industry, Federico Alfaro Boyd, presented this Thursday a bill on a new concession contract with Minera Panama.

This new contract establishes a royalty of 12% to 16% of gross profits and a minimum payment to the state of $375,000,000.

According to Alfaro, 50 percent of the funds will go to the Disability, Old Age and Death Program, and 20 percent will go to raise the amount of Social Security Fund pensions for those retirees and retirees with lower incomes to $350. a month to this.

It also includes 25% for investment projects that benefit the Donoso districts, Omar Torrijos Herrera in Colon and La Pintada in the province of Coclé.

It also includes 5% for the construction, development and operation of the Institute for Teacher Training and Welfare.

Alfaro previously said that “this treaty is a historic triumph for Panama because it is dramatically better in every way than Treaty Law No. 9 of 1997, providing a guaranteed minimum payment of $375 million to the country.”

According to a senior official, this figure translates into fair compensation for natural resources of the Panamanian people.

If the contract is approved, it will be presented to the President of the Republic, Laurentino Cortizo Cohen for its sanction and promulgation of the law.

Panama and Minera Panama They reached an agreement in March of last year, after weeks of disagreement that included halting some operations.

The contract continues to progress through various instances despite the claims of a section of the population that is against metal mining and possible damage to the environment.