Panamanian Mining Code Reform Revoked - THE PANAMA PERSPECTIVE

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Well, it looks like we may see an end to the protests that have paralyzed parts of Panama at times over the last few weeks. While the world is going through serious times of unrest, Panama’s problems pale in comparison. That said the subject of extracting $100 billion dollars of copper from an open pit mining operation has a lot of people concerned including yours truly. This in from CentralAmericaData.com

A Special Cabinet Council approved a bill revoking Law 8 of February 11, 2011, which amends the Mining Code.

The reform, which is now no longer in effect, had intended to boost the exploitation of mining resources in Panama by, among other things, allowing foreign governments to become shareholders in mining companies.

Provisions establishing penalties for corporate irregularities are also no longer in effect.

Information on the web portal of Panama´s President:

“At a special Cabinet Council, President Ricardo Martinelli, together with Ministers of State, kept his word to indigenous groups and adopted a bill revoking Law 8 of February 11th, 2011, which amends the Mining Code.”

The proposal was submitted by the Minister of Trade and Industry, Roberto Henriquez, who stated that “because of the climate of unrest the country suffered in recent weeks, the Government has found it necessary to take measures to restore public order and peaceful coexistence.”

The proposed bill was immediately presented to the National Assembly for approval.