A man holds a candle during a vigil at a protest against a recently approved mining contract between the government and Canadian mining company First Quantum in Panama City, Wednesday, Nov. 8, 2023. First Quantum Minerals Ltd. says the Panama government hasn't provided a legal basis for pursuing a "close plan" for its Cobre Panama mine. THE CANADIAN PRESS/AP-Arnulfo Franco.
Toronto - First Quantum Minerals Ltd. has expressed concern over the lack of a legal basis provided by the Panama government for the proposed closure plan of its Cobre Panama copper mine.
The government announced its intention to present the closure plan in June. However, First Quantum, through its subsidiary Minera Panama S.A., has faced challenges in formally engaging with the Panama government to clarify the legal situation and environmental obligations associated with the mine.
The company had suspended operations at the mine in November following a ruling by Panama's Supreme Court that declared the 20-year concession agreement unconstitutional.
Given the importance of ensuring the mine's safe maintenance, First Quantum emphasizes its commitment to pursuing legal avenues to protect its investment and rights.
