The future of Minera Panama's operation lies in the hands of the Supreme Court of Justice

PANAMA - Report 20 Nov 2023 by Marco Fernandez

President Cortizo announced on Thursday that Minera Panama had made a “restricted payment” of US 562.8 MM to the government, around 75% of the US 750 MM that was expected for this fiscal year. If the Supreme Court declares sometime within the next few weeks that the now infamous Law 406 (deemed as unconstitutional in ten legal challenges) violates the Constitution, the scenarios for the government and the country become complex. In this report, we discuss some options, all of them speculative. Country-wide protests ongoing for more than a month are having a negative impact on the daily routine of families and businesses, with disruptions in the supply of food, medical attention, tourism, and other activities. Because of this, we preliminarily estimate a reduction of at least 1.2% from our previous 6.2% growth projection.

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