Latest news with #coppermine
Yahoo
3 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
Yahoo
3 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
Washington Post
3 days ago
- Business
- Washington Post
Panama will allow controversial mine to export already mined copper to fund maintenance
PANAMA CITY — Panama will allow a controversial mine that was closed after months of protests to export more than 120,000 tons of already mined copper concentrate to pay the costs of maintaining the inactive mine site, government officials announced Friday. Opposition to the massive copper mine led to some of Panama's most widespread protests in recent years before the country's Supreme Court rejected a deal that allowed a Canadian company to operate it.
Yahoo
3 days ago
- Business
- Yahoo
Panama will allow controversial mine to export already mined copper to fund maintenance
PANAMA CITY (AP) — Panama will allow a controversial mine that was closed after months of protests to export more than 120,000 tons of already mined copper concentrate to pay the costs of maintaining the inactive mine site, government officials announced Friday. Opposition to the massive copper mine led to some of Panama's most widespread protests in recent years before the country's Supreme Court rejected a deal that allowed a Canadian company to operate it. Toronto-based First Quantum Minerals said Friday that exporting the material that's sitting at the site will fund maintenance and environmental protection measures. Panama's President José Raúl Mulino called for those steps in March, when business groups were lobbying him to reopen the mine. Income from the mine accounted for nearly 5% of Panama gross domestic product the last year it operated. 'The purpose is to avoid, above all else, environmental damage,' Trade and Industry Minister Julio Moltó said Friday. He emphasized that the mine was not reopening, but said that the plan would ensure the site remained safe. The open-pit mine was temporarily closed in 2022 when talks between the government and First Quantum broke down over payments the government wanted. In March 2023, Panama's Congress reached an agreement with First Quantum, allowing subsidiary Panama Copper to continue operating the mine in a biodiverse jungle on the Atlantic coast west of the capital for at least 20 more years. The deal faced opposition from those who believed Panama wasn't getting as much as it should and from environmentalists and Indigenous groups who raised concerns about the mine's impact. Protests included a blockade of the mine's power plant. Protesters also blocked parts of the Pan American highway, including a stretch near the border with Costa Rica. On Nov. 28, 2023, Panama's Supreme Court ruled unanimously that the 20-year concession was unconstitutional and then-President Laurentino Cortizo announced the start of a process to close the mine. Alma Solís, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
3 days ago
- Business
- Associated Press
Panama will allow controversial mine to export already mined copper to fund maintenance
PANAMA CITY (AP) — Panama will allow a controversial mine that was closed after months of protests to export more than 120,000 tons of already mined copper concentrate to pay the costs of maintaining the inactive mine site, government officials announced Friday. Opposition to the massive copper mine led to some of Panama's most widespread protests in recent years before the country's Supreme Court rejected a deal that allowed a Canadian company to operate it. Toronto-based First Quantum Minerals said Friday that exporting the material that's sitting at the site will fund maintenance and environmental protection measures. Panama's President José Raúl Mulino called for those steps in March, when business groups were lobbying him to reopen the mine. Income from the mine accounted for nearly 5% of Panama gross domestic product the last year it operated. 'The purpose is to avoid, above all else, environmental damage,' Trade and Industry Minister Julio Moltó said Friday. He emphasized that the mine was not reopening, but said that the plan would ensure the site remained safe. The open-pit mine was temporarily closed in 2022 when talks between the government and First Quantum broke down over payments the government wanted. In March 2023, Panama's Congress reached an agreement with First Quantum, allowing subsidiary Panama Copper to continue operating the mine in a biodiverse jungle on the Atlantic coast west of the capital for at least 20 more years. The deal faced opposition from those who believed Panama wasn't getting as much as it should and from environmentalists and Indigenous groups who raised concerns about the mine's impact. Protests included a blockade of the mine's power plant. Protesters also blocked parts of the Pan American highway, including a stretch near the border with Costa Rica. On Nov. 28, 2023, Panama's Supreme Court ruled unanimously that the 20-year concession was unconstitutional and then-President Laurentino Cortizo announced the start of a process to close the mine.
