Latest news with #JulioMolto
Time of India
6 days ago
- Business
- Time of India
Panama launches maintenance work at contested mine
PANAMA CITY: Panama's government said Friday it would start maintenance work at a major mine forced to shut by protests, but insisted the project was not tantamount to the pit reopening. Tired of too many ads? go ad free now Central America's biggest copper mine, the Canadian-owned Cobre Panama pit, closed in 2023 following weeks of crippling protests over its environmental impact. Maintenance will be carried out by a subsidiary of Canada's First Quantum Minerals "to prevent environmental damage" from materials stored at the mine, Trade and Industry Minister Julio Molto told a news conference. "This decision (...) does not imply the reactivation of the mine," Molto said. First Quantum Minerals said it would finance the work by exporting 121,000 tonnes of copper concentrate stored at the site since it closed down. Panama's President Jose Raul Mulino said last month that his government was working toward reopening the mine, without clarifying how he plans to tackle legal hurdles. The country's Supreme Court ruled in November 2023 that a contract allowing First Quantum Minerals to continue operating the site was unconstitutional. Environmentalist Raisa Banfield criticized Friday's announcement as the Canadian giant "can't manage the mine." She called for an external audit to "establish the definitive closure plan." Cobre Panama, which began operations in 2019, had produced about 300,000 tonnes of copper concentrate a year, representing 75 percent of the country's exports and about five percent of its national economic output. It employed around 37,000 workers directly and indirectly.
Yahoo
6 days ago
- Business
- Yahoo
Panama launches maintenance work at contested mine
Panama's government said Friday it would start maintenance work at a major mine forced to shut by protests, but insisted the project was not tantamount to the pit reopening. Central America's biggest copper mine, the Canadian-owned Cobre Panama pit, closed in 2023 following weeks of crippling protests over its environmental impact. Maintenance will be carried out by a subsidiary of Canada's First Quantum Minerals "to prevent environmental damage" from materials stored at the mine, Trade and Industry Minister Julio Molto told a news conference. "This decision (...) does not imply the reactivation of the mine," Molto said. First Quantum Minerals said it would finance the work by exporting 121,000 tonnes of copper concentrate stored at the site since it closed down. Panama's President Jose Raul Mulino said last month that his government was working toward reopening the mine, without clarifying how he plans to tackle legal hurdles. The country's Supreme Court ruled in November 2023 that a contract allowing First Quantum Minerals to continue operating the site was unconstitutional. Environmentalist Raisa Banfield criticized Friday's announcement as the Canadian giant "can't manage the mine." She called for an external audit to "establish the definitive closure plan." Cobre Panama, which began operations in 2019, had produced about 300,000 tonnes of copper concentrate a year, representing 75 percent of the country's exports and about five percent of its national economic output. It employed around 37,000 workers directly and indirectly. jjr/ag/cms/mtp
France 24
6 days ago
- Business
- France 24
Panama launches maintenance work at contested mine
Central America's biggest copper mine, the Canadian-owned Cobre Panama pit, closed in 2023 following weeks of crippling protests over its environmental impact. Maintenance will be carried out by a subsidiary of Canada's First Quantum Minerals "to prevent environmental damage" from materials stored at the mine, Trade and Industry Minister Julio Molto told a news conference. "This decision (...) does not imply the reactivation of the mine," Molto said. First Quantum Minerals said it would finance the work by exporting 121,000 tonnes of copper concentrate stored at the site since it closed down. Panama's President Jose Raul Mulino said last month that his government was working toward reopening the mine, without clarifying how he plans to tackle legal hurdles. The country's Supreme Court ruled in November 2023 that a contract allowing First Quantum Minerals to continue operating the site was unconstitutional. Environmentalist Raisa Banfield criticized Friday's announcement as the Canadian giant "can't manage the mine." She called for an external audit to "establish the definitive closure plan." Cobre Panama, which began operations in 2019, had produced about 300,000 tonnes of copper concentrate a year, representing 75 percent of the country's exports and about five percent of its national economic output. It employed around 37,000 workers directly and indirectly.
Yahoo
6 days ago
- Business
- Yahoo
Panama launches maintenance work at contested mine
Panama's government said Friday it would start maintenance work at a major mine forced to shut by protests, but insisted the project was not tantamount to the pit reopening. Central America's biggest copper mine, the Canadian-owned Cobre Panama pit, closed in 2023 following weeks of crippling protests over its environmental impact. Maintenance will be carried out by a subsidiary of Canada's First Quantum Minerals "to prevent environmental damage" from materials stored at the mine, Trade and Industry Minister Julio Molto told a news conference. "This decision (...) does not imply the reactivation of the mine," Molto said. First Quantum Minerals said it would finance the work by exporting 121,000 tonnes of copper concentrate stored at the site since it closed down. Panama's President Jose Raul Mulino said last month that his government was working toward reopening the mine, without clarifying how he plans to tackle legal hurdles. The country's Supreme Court ruled in November 2023 that a contract allowing First Quantum Minerals to continue operating the site was unconstitutional. Environmentalist Raisa Banfield criticized Friday's announcement as the Canadian giant "can't manage the mine." She called for an external audit to "establish the definitive closure plan." Cobre Panama, which began operations in 2019, had produced about 300,000 tonnes of copper concentrate a year, representing 75 percent of the country's exports and about five percent of its national economic output. It employed around 37,000 workers directly and indirectly. jjr/ag/cms/mtp Sign in to access your portfolio
Reuters
7 days ago
- Business
- Reuters
Panama says First Quantum copper mine maintenance plan is not a restart
PANAMA CITY, May 30 (Reuters) - Panama has approved First Quantum Minerals' maintenance plan for its closed copper mine in the country, but not a re-start of the site, a top trade official said on Friday. Trade and Industry Minister Julio Molto said the plan included environmental safety measures that were necessary following the abrupt shut-down by government order under the prior administration in late 2023. "The mine is not being reopened. We're authorizing the implementation of the care and safe management plan to ensure it is environmentally protected," Molto told a press conference. He said First Quantum ( opens new tab would carry out the plan, but did not specify the cost or how long it was expected to take. Molto noted that government officials working with the Environment Ministry would monitor the process, aiming to ensure that stockpiled copper could eventually be shipped. He said that experts estimate that process could take three to six months, accounting for environmental measures. "Supervision will be carried out to ensure that this material can be extracted and processed in the best possible way so that it can then be exported," Molto said. Canadian First Quantum in March said it would suspend arbitration proceedings over the mine, aiming to restart talks with the Panama government over the future of the site. The closure of the Cobre Panama mine, which had contributed 1% to global copper production, has impacted both Panama's and the company's financial prospects.
