A Canadian company is claiming the government of Panama cut off talks, resulting in the closure of a huge copper mine.
The open pit copper mine Cobre Panamá, run by Panamanian Mining company Minera Panamá, a subsidiary of Canada's First Quantum Minerals Ltd., stands in Donoso, Panama, Dec. 6, 2022. Panama’s president announced on Dec. 15, 2022 that the government ordered the company to cease operations after it failed to sign a new contract outlining substantially higher payments to the government.
First Quantum said in a statement Friday it had agreed to those payments, and “came very close to an agreement to secure the long-term future of the Cobre Panamá mine before the Government halted discussions.” But it will not be easy to simply close such a huge operation, with a workforce of 40,000 and mine pits that need to be monitored and serviced.There are “different options, they could authorize the mine to continue operating while the talks go on, which would be a benevolent plan, or you could seek out a third company to administer it while the case with the mining company is resolved,” Noriega said.
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