Panama Congress backs law to allow foreign governments to invest in mines

Panamanian lawmakers voted to allow foreign governments to invest in mines, a move intended to spur development of the country’s gold and copper deposits.

A majority of Congress approved the new mining bill, which also sets higher fees and royalties for mine companies. The new mining code must be approved by another Congressional vote and signed by President Ricardo Martinelli before it becomes law.

Opening mines to state-owned firms will give companies such as Inmet Mining an additional source of financing as development costs rise.

Original source: Bloomberg