The government is withdrawing the mining contract and will sit down with the company

The Cabinet Council authorized the Minister of Trade and Industry, Federico Alfaro Boyd, to request the National Assembly withdrawal of bill 1043, approving the mining concession agreement between the state and Minera Panamá, SA make adjustments required and indicated by the Legislature’s Commerce Committee.

Last Thursday, the representatives who make up the aforementioned commission made a split decision approved to suspend the discussion of the contract and ask the Executive Body to withdraw it make changes.

Information from the Presidency states that this measure is a consequence of the fact that the style A national government that is open and listen to all sectors.

“In a multi-week extensive debate, the opinions of organizations, unions, trade unions, citizens and residents of the area regarding the mining concession were heard, both in the National Assembly and during visits the communities of Coclesito, La Pintada and Miguel de la Bordawho made comments on the draft law”, the Presidency announced.

He adds that in the coming days Executive will work together with Minera Panamáto harmonize the wording that resolves the points marked by the Commission for the Economy of the National Assembly.

In previous statements, the president of Apedeo Temístocles Rosas in an interview with Telemetro warned that “No one wins” by suspending the discussion on the contractbecause the state does not receive income and there is uncertainty for economic activity.

The contributions agreed between the Government and the mining company considered a a minimum of 375 million dollars per yearwhich, among other things, would be used to increase the amount of minimum pensions provided by the Social Security Fund (CSS), the second part for the disability, old age and death program, and there will also be funds for the development of the surrounding communities.

Copper Panama has 7,300 workersof which 91% are Panamanian and 67% were born in the interior.

His actions revolutionized the export market of Panama, with nearly $2.8 billion in 2022and the main markets are China, Japan and South Korea.