• Tue. Nov 28th, 2023

    Critical Thought

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    First Quantum Asserts Flexibility in Panama Contract

    BySam Figg

    Nov 14, 2023
    First Quantum Asserts Flexibility in Panama Contract

    Canadian mining company First Quantum has expressed its willingness to reconsider certain aspects of the proposed contract governing its operations in Panama. The company has stated that it is open to analyzing and modifying four specific points within the agreement in collaboration with the government. This comes after the Panamanian government authorized the withdrawal of the contract from Congress in order to address concerns raised by lawmakers.

    While President Laurentino Cortizo’s administration and First Quantum had previously reached an initial consensus regarding the contract for the operation of the Cobre Panama copper mine, the approval of Congress was still pending. However, in response to public protests near government buildings demanding heightened environmental safeguards and decreased expansion permits, the government decided to reevaluate and adjust the contract accordingly.

    Despite these developments, the ongoing operations at the Cobre Panama mine, an expansive open-pit copper mine, remain unaffected. First Quantum’s local unit, Minera Panama, has confirmed that production continues without interruption.

    Through its willingness to adapt and collaborate with the government, First Quantum aims to secure the final approval of the revised contract. This commitment underscores the company’s dedication to upholding the highest standards of environmental protection and engaging with stakeholders to address their concerns. First Quantum remains committed to its long-term partnership with Panama and its commitment to responsible mining practices.

    Frequently Asked Questions

    1. What specific aspects of the contract is First Quantum willing to reconsider?

      First Quantum is open to analyzing and revising four particular points within the contract. The details of these points have not been disclosed.

    2. What were the concerns raised by lawmakers and the public regarding the contract?

      Lawmakers and demonstrators near government buildings have called for increased environmental protections and a reduction in expansion permits related to the mining operations.

    3. Will the ongoing operations at the Cobre Panama mine be affected by the contract revision?

      No, the operations at the Cobre Panama mine will continue without interruption despite the contract revision.

    4. What is First Quantum’s approach to environmental protection?

      First Quantum is committed to upholding the highest standards of environmental protection. The company strives to engage with stakeholders and address their concerns in order to implement responsible mining practices.

    5. What is First Quantum’s long-term partnership with Panama?

      First Quantum aims to maintain a strong and enduring partnership with Panama, leveraging its expertise in mining operations to contribute to the country’s economic growth while prioritizing sustainable practices.