Minera Panama Launches Arbitration

2023-12-01 02:15:03

(MENAFN- Newsroom Panama) The Minera Panamá company, a subsidiary of Canada's First Quantum Minerals, announced that on November 29 it began an arbitration process before the International Court of Arbitration after the decision of the Supreme Court of Justice that declared Law 406 on the mining contract unconstitutional.

The arbitration agreement will be carried out in Miami, Florida, the company highlighted in a statement released this Friday, December 1.

The mining company alleges that the filing of the appeal is to protect its rights under the 2023 concession agreement that the government signed earlier this year with them.

He recalled that on November 14, First Quantum submitted a notification of intention to initiate arbitration to the Ministry of Commerce and Industries of Panama.

The statement reiterates that the Court's decision“ignores” a planned and managed closure scenario, in which key environmental measures must be implemented.

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