The decision to strip Canada’s First Quantum from its contract, which accounted for about 40 per cent of its revenue last year, came amid nationwide protests
from extracting copper during the closing 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.
“There are two alternatives to finance the closure process. One is for the company to pay for it, if it continues to handle the shutdown, and another is for the government to cover it. Where would the funds come from? That is part of the discussions we are having,” Rivera Staff said.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.
Panama and the Canadian miner are working together to draft a plan – to be made public in the next two weeks – for the mine to be in “care and maintenance mode” while details on the final closure are sorted out, Rivera Staff said. First Quantum said last week it believed that it was going to be able to extract it after the election, but Rivera Staff said the government has yet to decide who owns it.
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