Minister of Trade and Industry, Federico Alfaropronounced before the plenary session National Assembly bill allowing the signing of a contract between the state and Minera Panamá SA
This contract contains changes established in Resolution no. 2 of September 28, 2023, which he issued Committee on Trade and Economic Affairs of the said legislative body.
the past few days, Cabinet Council approved the withdrawal of the project, as well as the revision of its text with the mining company.
Likewise, it was approved to re-present the document at Legislature with changes resulting from consultations carried out with trade unions, guilds, organizations and residents of communities near mining exploitation.
The adjustments made include the abolition of expropriation clauses, it is clarified that Minera Panamá can only explore, extract and exploit copper and its related minerals in the concession area in the districts Donoso and Omar Torrijos. It is clear in the contract that they cannot extract minerals outside the concession area.
In addition, a clause that allowed Minera Panamá to request airspace restrictions was eliminated from the contract.
The framework agreement clause was also removed, clarifying that the terms of this agreement apply only to Minera Panamá.
Minera Panamá’s right to request from the government the identity classification of end users with limited access has been terminated.
Instead, this information is determined to be subject to the general laws of Panama.
Likewise, the clause in the contract, which provided that the state will grant a concession for the exploration of gold, silver and molybdenum, is abolished. Through the approved amendments, the contract does not allow any other concession for Minera Panamá.
The contract clearly states that Special inspection office It is another inspection and monitoring tool. The state retains all its constitutional and legal powers of inspection and supervision and there is no limit to the number of officers who can supervise work.
Also, a clause confirming this is included Nothing in the Treaty limits or limits the sovereignty of the Republic of Panama over its territory.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
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