Panama govt orders First Quantum to end mining operations, country unit says
PANAMA CITY - Panama's trade and industry ministry has ordered Canada's First Quantum to end operations at its lucrative copper mine, the firm's unit in the country said on Friday.
The ministry sent the unit, Cobre Panama, a formal advisory that it must "end extraction, processing, refining, transportation, export and sales activities" at the mine, Cobre Panama said in a statement.
It must also take measures to secure the facilities and avoid environmental damage at the site, the miner said.
The ministry did not immediately respond to a request for comment.
The government order comes after Panama's Supreme Court ruled last month that First Quantum's contract to operate the mine was unconstitutional, following months of protests.
The mine's closure could cause Panama to sharply cut its 2024 economic growth forecasts, a government official told Reuters last week. The Cobre Panama mine accounts for some 5% of Panama's GDP.
Because it must close the mine, Cobre Panama said it has requested government authorization to lay off more than 4,000 of its employees.
"This measure will be developed in parallel with the voluntary retirement program presented by the company on Dec. 3, with the help of the (mine's) union," Cobre Panama said.
Last month, it suspended the contracts of 7 000 staff at the mine.
The mine's union did not immediately respond to a request for comment.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation