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PANAMA CITY - Panama will bar First Quantum from extracting copper during the closure of the mine it lost the rights to run last year, the country's trade minister Jorge Rivera Staff told Reuters, adding that new ways need to be found to finance the mine's shutdown.Miners around the world tend to keep mining during closure processes as they use those profits to finance shutdowns, but such a move is off the table in the case of Cobre Panama, Rivera Staff said in an interview on Thursday.
Panamanians go to the polls to elect a new president on May 5, meaning the next government will likely decide who will pay the estimated $800 million cost of shuttering the mine. The trade minister extended an invitation to all eight of the country's presidential candidates for talks on the Cobre Panama mine closure plan, but only the teams of three participated. The others argued lack of space in their agendas, Rivera Staff said.
Another sticking point between Panama and First Quantum revolves around who owns the 121,000 tons of copper concentrate stored in the mine.
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