{"id":167682,"date":"2023-10-30T09:36:35","date_gmt":"2023-10-30T06:36:36","guid":{"rendered":"http:\/\/kupitiblog.store\/576r\/panama-president-asks-voters-to-decide-on-contentious-first-quantum-mining-contract\/"},"modified":"2023-10-30T09:36:35","modified_gmt":"2023-10-30T06:36:36","slug":"panama-president-asks-voters-to-decide-on-contentious-first-quantum-mining-contract","status":"publish","type":"post","link":"https:\/\/kupitiblog.store\/576r\/panama-president-asks-voters-to-decide-on-contentious-first-quantum-mining-contract\/","title":{"rendered":"Panama president asks voters to decide on contentious First Quantum mining contract"},"content":{"rendered":"


\n FILE PHOTO: Panama’s President Laurentino Cortizo Cohen addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. REUTERS\/Eduardo Munoz\/File Photo<\/span>
\n<\/i><\/p>\n

 <\/p>\n

By Valentine Hilaire and Elida Moreno<\/p>\n

PANAMA CITY (Reuters) -President Laurentino Cortizo said on Sunday Panama would hold a referendum to decide whether to scrap a contract with Canadian miner First Quantum (NASDAQ:QMCO<\/span>)’s local unit following days of protests by thousands of people opposed to the open pit copper<\/span> mine project.<\/p>\n

The vote will take place Dec. 17 and its result would be binding, Cortizo said in a video message. <\/p>\n

«I’ve respectfully listened to those who oppose the contract with Minera Panama,» Cortizo said, using the name of First Quantum’s local unit. <\/p>\n

Neither First Quantum nor Minera Panama immediately responded to requests for comment.<\/p>\n

Panama’s government and the miner had agreed on a contract which would guarantee the Central American nation an annual income of $375 million while allowing First Quantum’s local unit to operate the Cobre Panama project, an open-pit copper mine, for at least 20 years.<\/p>\n

Protesters have criticized both the deal and the mine’s environmental costs, even after Cortizo on Friday issued a decree rejecting all new mining projects. <\/p>\n

Critics countered that the move would not affect the approved First Quantum contract.<\/p>\n

On Saturday, Minera Panama voiced concern after protesters on boats approached the international Punta Rincon port where it operates. <\/p>\n

«We are deeply concerned by this incident, which represents a significant threat for our operations and the safety of our workers,» it said in a statement on Saturday, calling the actions «illegal and violent.» <\/p>\n

In a statement late Sunday, Cortizo’s office noted that the contract was first established in 1991.<\/p>\n

After Cortizo’s announcement, Panama’s main workers’ union said its members will keep protesting in the streets until the contract is annulled.<\/p>\n<\/p>\n

«There’s no maneuver in this fight that will deceive the people,» a union representative said.<\/p>\n

The Cobre Panama mine’s activity accounts for nearly 5% of the country’s economy, and last year represented about half of First Quantum’s EBITDA.<\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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