The Government of Panama has ordered the suspension of operations at a copper mine operated by Minera Panama, the subsidiary in the country of Canada’s First Quantum Minerals (FQM), after the two parties failed to reach an agreement on a new contract for the exploitation concessions.
«The National Government will seek the best options for the sustained operation of the mine, through a contract with fair benefits. The actions taken guarantee what is established in our Constitution: Panama’s mineral resources belong to the Panamanian people,» informed the country’s president, Laurentino Cortizo, in a statement on the social network Twitter.
Thus, Cortizo has assured that after a year in which Minera Panama «has not fulfilled its commitments», the Executive has announced the closure of the commercial operations of the Cobre Panama project.
To this end, the Ministry of Commerce has been instructed to implement a Preservation and Safe Management Plan to carry out the care and maintenance of the mine.
Likewise, the Ministry of the Environment will continue with the supervision, control and oversight of compliance with environmental regulations at the Minera Panamá project, while the Ministry of Labor will take the necessary actions to ensure that workers obtain labor benefits despite the cessation of activity.
