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Friday, February 3, 2023

Panama gives mining company deadline to sign controversial contract

After meeting with representatives of the Canadian company First Quantum Minerals, a shareholder of the company, it was agreed to end the process that began last January, without concrete agreement on the terms of the settlement.

Boyd stressed that the future of the copper mining company is important to the country, the people of Panama, and its employees.

However, Minera Panama is the center of criticism from environmental groups here for operating in the mountains of Donoso (Cologne) without signing a new contract with the executive.

The company has not stopped processing stone that includes copper, gold and silver, from January to September this year produced 260 thousand 786 tons of copper, 101 thousand 449 ounces of gold and 2.55 million ounces of silver from about 64 million tons of material. , According to unofficial reports.

Newspapers such as the newspaper La Prensa have indicated that Minera Panama closed the first nine months of the current year with sales of two thousand 285 million dollars, a figure 2.0 percent lower than those registered in the same period of 2021.

Last March, the President of the Republic, Laurentino Cortizo, announced that 50 percent of the minimum annual income from copper extraction in Donoso would go to the Social Security Fund’s Disability, Old Age and Death program, thus guaranteeing pensions for retirees. . country, but without further details to date.

On this subject, the political analysis magazine El Periodico de Panama commented that despite the fact that in 2018 the Supreme Court of Justice (CSJ) canceled the possibilities of operating and using this raw material, the mine continues to exploit natural resources. continues, for a value in excess of $10 million a day.

In April this year, the movement Panama Valle Mas Sin Mineria also challenged violations by the mining company, which indiscriminately felled 876 hectares above the authorized area, and which failed to replant more than 1,300 compromised hectares of forest. had failed.

The Cobre Panama mine, located in the Caribbean province of Colón, is the country’s largest private investment at $6.7 billion and contributes 3.5 percent of GDP and thousands of direct and indirect jobs.

ro / ga

World Nation News Desk
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