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Mining up 25%.

MINING UP 25%. With Panama's mineral reserves estimated at $200 billion, continued growth is projected for an industry that in 2013 was worth $553 million, reports (Jan. 16, 2014). Already identified are 50 billion pounds of copper, 12 million ounces of gold, 25,000 ounces of silver and 250 tons of molybdenum, which at current prices amount to $200 billion. "Of this total, 53% must stay in the country in the form of taxes on income and dividends," said Zorel Morales, Executive Chairman of the Mining Chamber of Panama. Mining generates 2.1% of GDP. However, all projections indicate that in two or three years it will manage to have a greater participation in the economic structure of Panama.

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Title Annotation:PANAMA
Publication:Caribbean Update
Article Type:Brief article
Geographic Code:2PANA
Date:Mar 1, 2014
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