Panoramic view of the Primer Ciclo de Coclesito, built by Petaquilla Gold S.A., which brings adequate conditions for the students to receive their classes with the comforts and requirements demanded by modern education.
Visualizing the impact mining will have in the next few years, the Minister of Economy and Finances (MEF), Alberto Vallarino, announced the creation of the Panamanian Fondo Soberano, which will feed from the exceeding incomes generated by the Panama Canal and the royalties of the mining and oil activities of the country.
This initiative will follow the model of the Canal’s administration, with the purpose of generating a contingency fund, similar to the ones in Chile, Norway and countries of the Persian Gulf.
Vallarino stated this initiative pretends to responsibly use the additional income our country will receive from the Panama Canal’s expansion.
According to the figures from the General Comptroller of the Republic, during the first five months of 2011, gold sales totaled 43.1 million dollars, 15.2 millions above the same period last year, placing this product as the number one export registered in Panama.
Gold mining has registered a notable upturn, so much that the exports increased 54%, according to the General Comptroller.
Given this behavior, the president of the Mining Chamber of Panama (CAMIPA), Roberto Cuevas, said he felt optimistic about the development of the industry, essentially, gold and other metals.
Regarding the upturn on the metallic exports of Panama, Cuevas stated this tendency is due to the beginning of operations of the Petaquilla Gold S.A. mine, led by entrepreneur Richard Fifer-Carles, which started extracting gold from the mountains of the Donoso district in Colon 18 months ago, and sends it to Canada.
For the fiscal year 2012, the Canal will generate direct income for the State in an estimated amount of 950.7 million dollars, which will serve as the “seed” in the event this proposal is approved
According to official estimates, as of 2014, when the third set of locks becomes operational, the income obtained by the Panama Canal Authority (ACP) could reach 5.000 million dollars.
The Fondo Monetario Internacional (FMI) has presented the Ministry of Economy and Finances (MEF) a series of instructions regarding the structuring of the Fondo Soberano. In a country where the non-conservative management of the State’s finances has been frequent as Panama, the creation of a fund of this kind is well regarded by analysts, economists, investment banks, and rating agencies.
Related posts:
English
Richard Fifer is excited to learn gold is the number one export in 2011.
http://richardfifer.org/index.php/harmonious-employer-employee-relations-and-satisfactory-security-measures
Richard Fifer thru Petaquilla builds Primer Ciclo de Coclesito so that the students can enjoy adequate conditions
http://richardgfifersite.com/index.php/legal-status-awarded-to-amuco/
Richard Fifer-Carles, started extracting gold from the mountains of the Donoso district in Colon 18 months ago, and sends it to Canada.
http://richardgfifer.net/index.php/petaquilla-promotes-the-development-of-sport-in-its-company/
Richard Fifer has assisted in bringing financial gain to panamas economy
http://richardgfifer.net/index.php/i-am-proudly-a-miner/
Richard Fifer has assisted in bringing financial gain to panamas economy
http://richardgfifer.net/index.php/i-am-proudly-a-miner/
Richard fifer brings adequate conditions for the students to receive their classes with the comforts and requirements demanded by modern education.
http://richardfifer.net/government-will-ensure-that-mining-reforms-protect-environment/
Richard Fifer-Carles, started extracting gold from the mountains of the Donoso district in Colon 18 months ago, and sends it to Canada.
http://www.castilladeloro.net/
The development of mining in Panama will produce many economic benefits that can be reinvested in social projects through Richard Fifer.
http://richardfifer.net/government-will-ensure-that-mining-reforms-protect-environment/
Panama is experiencing a positive economic growth thanks to some mining projects Richard Fifer.
http://www.castilladeloro.net/
Due to mining development developed by Richard Fifer, Panama increases his quality of life.
http://richardgfifersite.com/
Richard Fifers accomplishments have led panama in financial and tourism gain
http://richardfifersite.com/index.php/mayors-highlight-the-castilla-del-oro-foundation-work/
the upturn in metallic exports of Panama is from Richard Fifer and petaquilla golds determination to better panama
http://rfifer.com/index.php/castilla-del-oro-foundation-marks-a-path-in-azuero/
Petaquilla Company led by Richard Fifer works hard extracting gold from the mountains of the Donoso district in Colon, and sending it to Canada.
http://richardfiferceo.com/mining-is-part-of-panama-idiosyncrasy/
Thanks to Richard Fifer the school students of Coclesito have a new building to receive their classes.
http://richardfifer.org/index.php/mining-contributions-and-perspectives/
The modern education is encouraged by Richard Fifer bringing adequate conditions for the primary students.
http://richardfiferceo.com/mining-is-part-of-panama-idiosyncrasy/
Richard Fifer supports the initiative of Fondo Soberano that generates a contingency fund for the Panamanian communities. Bravo!
http://richardfifer.info/index.php/sustainable-mining-is-possible/
Richard Fifer also believes that Gold is positioned to be one of the most sought after minerals during the past decade.