https://www.miningweekly.com
Copper|Environmental|Operations
Copper|Environmental|Operations
copper|environmental|operations

Panama to withdraw proposed contract for Canadian miner First Quantum's unit

The Cobre Panama mine

The Cobre Panama mine

3rd October 2023

By: Reuters

  

Font size: - +

Panama's government authorised on Tuesday the withdrawal of a proposed contract to regulate operations of Canadian miner First Quantum's local unit, Minera Panama, from Congress to make changes requested by lawmakers.

President Laurentino Cortizo's administration and the Canadian miner had agreed on the text of the contract to operate the key Cobre Panama copper mine in March, but it was awaiting the assembly's approval.

"We hope to work together with the company Minera Panama to agree on the phrasing needed to resolve the points indicated by the congress' trade committee," the presidency said in a post on social media X.

Hundreds of demonstrators have gathered near Panama's governmental offices in recent weeks to protest the contract, demanding more environmental protections and fewer expansion permits.

The draft contract would guarantee an annual income of $375-million for the Central American country, about ten times more than what it was previously getting, according to government data.

Cobre Panama, a large openpit copper mine in the Panama jungle, accounted for nearly half of First Quantum's earnings last year, as well as some 4% of Panama's gross domestic product.

First Quantum and Minera Panama did not immediately reply to requests for comment on the withdrawal.

Edited by Reuters

Comments

Showroom

Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 
Hannah Instruments
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch image
Resources Watch
29th November 2023
Photo of Martin Creamer
On-The-Air (24/11/2023)
24th November 2023 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.195 0.231s - 91pq - 2rq
Subscribe Now