Actividad Minera en Panamá - Conservation Gateway

Table B.
Benefits Distribution of Petaquilla Project on Different Areas
of the Panamanian Society.
(In US$)
Municipality /
Impact Government Local Environment Company Bank Country
Communities
Total Impact by Sector 47,613,635 1,740,965 (52,768,810) 88,660,974 8,220,264 (2,151,322)
Import Tariff 0 0
Dividends Tax 0 0
Income Tax 44,007,203 44,007,203
Interest Paid for Financing 8,220,264
Rate for Concession Area 100,687 100,687
Rate for the Development Area 1,198 1,198
Royalties 2% 3,504,547 3,504,547
Municipal Tax 540,965 540,965
Communities’ Infrastructure 1,200,000 1,200,000
Loss os Vegetable Cover (1,262,889)
Water Quality Impact and Disruption of
Acuatic Habitat (51,505,922) (51,505,922)
Sale of Gold Minerals 88,660,974
Source: Prepared by the consultant.
investors are foreigners and the presence of tax
exemptions. The net loss would be of US$ 2.2
million. Any profit received by Panamanian share
holders and circulating in the country would reduce
that loss.
• The Panamanian Government would obtain benefits
for US$ 47.6 million, figure that could be higher if
there were no exemptions and fiscal deductions to a
business that has a high level of income value.
• Taking into consideration only two environmental
impacts (loss of vegetable cover and water quality
affectation and disruption of the aquatic habitat), a
loss of US$ 52.8 1 million was calculated. The method
of productivity change was used to assess the losses of
vegetable cover, which includes the transfer of carbon
dioxide to the atmosphere as a factor for the assessment.
For the appreciation of the water quality affectation
and disruption of the aquatic habitat the method
of benefits transfer through adjusted mean value 2 was
used, which consists of using the estimated monetary
values of environmental goods in a specific context
(sometimes called bien base) to calculate the benefits
of similar goods or under different context (well ob
jective) (Desvouges et al., 1992).
• The two municipalities should receive a total of
US$ 540.965, during the 15 years of the project. This
1
This loss would be higher if other environmental and social factors were included in the analysis, that were identified but not quantified in the
study, such as affectation of possession of land, increase of social (alcoholism, drugs) and family problems, increase of the cost of life, greater demand
of utilities and affectation of archaeological resources.
2
The transfer of benefits in environmental goods has been applied in several environmental goods policies contexts, that go from the quality of
water (Luken et al., 1992), risks on health (Kask and Shogren, 1994) or gestion forestall (Bateman et al., 1995). The majority of the transfer of
benefits applications have used values obtained with the contingent valuation method (Morrison et al., 2002, Carson).
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