Angel Valdes | March 8, 2023
The Ministry of Commerce and Industries (MICI) announced on the morning of this Wednesday, March 8, that after months of negotiations they have reached an agreement with the company Minera Panamá.
According to the MICI, these negotiations “have concluded in a fair manner, which guarantees our entire population their right to mineral resources.”
Among the highlights of the contract are:
- Greater labor and environmental protections
- anti-corruption provisions
- Obligations of transparency and to provide information for Minera Panama
- Obligations for Minera Panama to transition from cleaner energy sources
- Broad supervisory powers for the State to take internationally recognized anti-tax evasion measures
The duration of the contract is 20 years with the option to be extended for additional years.
