Panamanian Government Seeks To Export Copper Stored At First Quantum


(MENAFN- Newsroom Panama) The government is working with a third party on an environmental assessment to quantify the amount of copper concentrate stored at the mine and determine when it was extracted, Finance Minister Felipe Chapman said.

“Copper can't just sit there forever. It has to be extracted, and if we extract it, it's best to export it,” Chapman said in an interview at Bloomberg's New York headquarters.“We have to do due diligence before we make a decision.”

Even Panama's most radical environmentalists have not opposed the export of copper that has already been mined, he added.

The mine has been dormant in the jungle for nearly a year after the Supreme Court ruled last year that the company's exploitation contract was unconstitutional. Its closure hurt economic growth and government revenues, prompting Fitch Ratings to downgrade the country's credit rating to junk.

The mine accounted for about 1.5% of global copper production and nearly 4% of Panama's gross domestic product. The company has filed an arbitration claim against Panama.

The sentiment has changed over the past two months as the government seeks to regain public confidence. The government is studying alternatives such as opening the mine for a shorter period, improving environmental oversight and regulation of the mine and reinterpreting public sentiment, which will help guide decisions next year.

MENAFN01102024000218011062ID1108737504


Newsroom Panama

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.