The deadline for the Panamanian government and Minera Panama to reach an agreement expired at midnight yesterday.

There was no agreement, despite the fact that Minera Panamá, a few days ago, accepted the Government’s proposal.

“Minera Panamá understands the general terms proposed by the National Government of Panama, while considering a minimum annual contribution of 375 million balboas by the Cobre Panamá mine to be reasonable,” Minera Panamá noted in a statement released on January 17. , 2022.

The note adds: “In this sense, we accept the proposal of the National Government, while we request that the necessary protections be provided in order to safeguard the continuity of the operation during the life of the project.”

The Government held discussions with the company until 6:00 am today. “Minera Panamá did not accept the agreement and it was not until 6:16 am that the company sent a new proposal. In it, it fundamentally changed economic aspects, such as a modification to the previously agreed royalties regime,” the National Government informed through a press release from the Ministry of Commerce and Industry.

The President of the Republic of Panama, Laurentino Cortizo, will inform the Panamanian people today, Thursday, December 15, about the Government’s efforts to sign the contract with Minera Panama for the operation of the Panama Copper Mine.

The deadline to establish a new agreement was until December 14, 2022 for Minera Panama to finalize the signing of said contract, based on the agreement reached between the parties in January of this year.

According to the Government, the company would pay Panama a minimum of $375 million annually, in addition to improving working conditions, providing stronger protections for our environment, and promoting the well-being of local communities through social projects.

According to the Constitution, “concessions for the exploitation of the soil and the subsoil will be inspired by social welfare and public interest.” In this sense, the President has convened an extraordinary meeting of the Cabinet Council in which the pertinent measures will be agreed. The note indicates that the President has convened an extraordinary meeting of the Cabinet Council in which the pertinent measures will be agreed to ensure the copper mine