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Panama in no hurry to modernize its mining laws

Wednesday, September 1, 2010


Panama’s government has said it aims to modernize its Mining Law, which dates from the 1960s. No date has been fixed, however, for the document.
 
What is known is that if a foreign government is interested in mining, the reform will allow it to own up to 49 percent of a company, so removing a restriction that remains currently in force.
 
Minera Panamá, a subsidiary of Canada’s Inmet Mining, has proposed changes to the current law. Government authorities, however, have given assurances that they will pay no attention to pleading by individual companies.
 
Original source: La Estrella