Board of mining giant in Panama with no plans to meet government

2,304Views 0Comments Posted 03/02/2023


The shares of the Canadian mining giant First Quantam fell 6.6% on the Toronto Stock Exchange, Canada, after the  company reported an accident at one of the deposits of the Trident project in Zambia, which caused the death of one of its workers, while another is in delicate condition.

The projects on the Zambian Copperbelt after Cobre Panama, are the most profitable for the Canadian company. Hence, the concern of investors, after the closure of the  Panama deposit, while actions are taken to guarantee the safety of workers in the mine.

In addition to the accident in Zambia, investors are closely watching the visit of senior mine executives this week in Panama.

Michael Camacho, director of the Union of Minera Panama Workers (Utramipa), confirmed to La Prensa that Tristan Pascall, CEO of First Quantum Minerals, along with a delegation of senior executives from the company, were yesterday Thursday at the mine located in the mountains of Donoso, province of Colón.

Camacho indicated that until yesterday they had no confirmation of a possible meeting between the workers and the executive level of the company and added that to date they have not been informed of any new developments in the open process between the Government and the mining company to reach the signing of a new contract.

The Reuters news agency had reported that a source from the Canadian company indicated that no meeting with members of the government of Laurentino Cortizo had been included on the agenda.

On Wednesday, February 1, the Ministry of Commerce and Industries circulated a 1:04-minute video on social networks in which it reiterated that the company refuses to honor the agreements reached in January 2022 and that, on the contrary, it has introduced new economic points that would affect the income that the State should receive from the exploitation of its mineral resources.