Government move could lead to mine closure - Minera Panamá

1,252Views 0Comments Posted 06/02/2023



Minera Panamá reacted sharply on Monday, February 6, to the Panama Maritime Authority ordering the suspension of operations at the Punta Rincón maritime terminal and highlighted that this action could force the closure of Cobre Panamá, in addition to being an instrument of pressure to accept a renewed concession contract.

“ It will be to the detriment of Panama, mine workers, suppliers, and the Panamanian economy in general if the Government of Panama ("the Government") forces MPSA to close Cobre Panama, which may be necessary if the concentrate is not shipped in mid-February, due to limited storage capacity on-site”, says the press release from Minera Panamá.

Resolution No. 007-2023 of the Panama Maritime Authority establishes that operations are suspended, until it is demonstrated that the process of certification of the calibration of the scales by an accredited company has been initiated.

Minera Panama once again said that they are negotiating and that they will continue to support the national economy through the generation of jobs, in addition, they will use all resources to defend themselves against the measures taken by the administration of President Cortizo.

“ The Company has also expressed its sincere desire to resolve all outstanding issues and continues to collaborate with the Government with a view to concluding a reasonable and durable agreement regarding the long-term future of Cobre Panama. At the same time, First Quantum and the MPSA are doing everything possible to support the workforce, preserve the value and integrity of the mine, and defend First Quantum and its shareholders, including through all available legal means,” states a company press release.