The government announced that the draft law amending the Mineral Resources Code which includes, among other advances, increased royalty payments to government, fines and bonds, will be submitted to the National Assembly within one month for consideration, according to Minister of Trade and Industry (MICI), Ricardo Quijano.
The new legislation seeks to establish more stringent environmental conservation measures, especially in metal mining, an activity currently performed only by Petaquilla Gold, S. A., a company under engineer Richard Fifer Carles’s direction that exploits the Molejon gold deposit in the district of Donoso, province of Colon.
Minister Quijano announced that the draft that he will send to the Panamanian parliament will include the new amount of royalties that mining companies must pay to the government and municipalities.
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