Minera Panama pays $567 million

Mining of Panama made payment of royalties and taxes from 567 million dollarsin accordance with its contractual obligations with the State of Panama and within the established period of 30 days.

It has been announced that after this initial payment, covering the period between December 2021 and October 2023, other additional payments will be made in early 2024, as well as during the development of operations.

This is one of the largest royalty and tax payments in the history of the global copper mining sector and makes Minera Panamá one of the main contributors to the country’s public finances.

This company is responsible for approx 5% of gross domestic product (GDP) Panama represents 75% of Panama’s exports of goods. It is one of the main contributors to public finances.

The economic contribution of its operations in Panama during fiscal year 2022 was more than 1 billion dollarsdistributed as follows: $206 million in wages, $101 million in social security payments, $921 million for approximately 2,000 registered suppliers in Panama, $12 million for infrastructure development projects, health, education and community livelihoods.

To date, Minera Panamá has made investments worth 10,000 million dollars, which made it possible to create 7,000 direct jobs and about 40,000 direct and indirect jobsas well as further opportunities for thousands of Panamanian companies.

More than $136 million has been invested in its social programs so far, including livelihood, infrastructure, health and education initiatives across the country.

Its reforestation program has invested an additional $25 million over the past five years as it works to reforest an area twice the size of the country’s mining footprint.

Given the context in which the country is located, Minera Panamá wishes to reiterate its willingness to open new spaces for dialogue, to respond to the problems of different sectors of society, to create lasting relationships based on respect, cordiality. , understanding and mutual benefit.