Mine closure: Cobre Panama feels a moral obligation

Minera Panamá SA, a branch of the Canadian The first quantum minerals i The person in charge of the Cobre Panamá mine rebuilt the bridge in order to be part of the solution and open the way to a constructive dialogue aimed at guaranteeing the ecological stability and integrity of the Cobra Panamá assets.

The company reiterated that in light of the judgment of the Supreme Court of Justice (CSJ), as well as the requests received from the Ministry of Trade and Industry, it is necessary to act immediately and responsibly.

This process requires detailed and multiple preparatory work over a period of time to ensure successful implementation, he noted on December 11.

“We want to contribute to the development of the necessary measures to establish environmental stability and property integrity, not only because of obvious knowledge and experience, but also as a moral obligation.”Cobre Panama added in a statement.

In this way, the company stated 10 fundamental reasons why it considers it necessary to cooperate with state entities in the mine closure process, in order to guarantee a socially and ecologically sustainable future for the area, communities and the state.

1.- HOW TO AVOID SERIOUS CONSEQUENCES FOR THE ENVIRONMENT: An unplanned mine shutdown requires preparation in addition to existing plans, in accordance with international practice. Ignoring this preparation can cause serious environmental problems in the future.

2.- URGENT MEASURES ARE REQUIRED TO PRESERVE PROPERTY: Existing mining equipment is also necessary for the environmental stability and integrity measures that must be implemented. It is imperative to maintain the safety and condition of this property, protecting it from deterioration and use in informal extractive activities.

3.- HOW TO CONTINUE TO HAVE CLEAN WATER: Cobre Panama is located in an area with high rainfall, which requires continuous water management to maintain its quality. Lack of comprehensive control would affect the natural state of the waters, and would also harm aquatic life.

4.- SPEED UP THE RESTORATION OF BIOLOGICAL DIVERSITY: Adopting international rehabilitation practices will help biodiversity restoration to be more effective in the short and long term. Bad restoration would lead to degradation of the area.

5.- TO ENSURE ENVIRONMENTAL STABILITY: Immediate execution of actions that reduce the likelihood of ongoing environmental problems requiring indefinite treatment and management is key.

6.- TO GUARANTEE SAFETY: Abandoned mining infrastructure can pose risks to public safety, such as the collapse, collapse or instability of structures, which can cause serious damage.

7.- BEING IN GOOD HANDS: This phase of the mine should be managed by a highly skilled team with in-depth knowledge of hydrology, geochemistry and geotechnical engineering.

8.- FOR THE FUTURE OF THE EMPLOYEE: As environmental stability and asset integrity measures are implemented at the site, workers involved in the process need clarity about their future as they continue to contribute to the country.

9.- TO GUARANTEE LAW AND ORDER ON THE SITE: Currently, access to the mine is hampered by illegal blockades on the highway and the international port. The free movement of people, supplies and equipment inside and outside the mine is necessary in order to manage government affairs at the mine in an appropriate and responsible manner.

10.- TO ENSURE A SUSTAINABLE FUTURE: Implementation of environmental stability and asset integrity measures is the first necessary step to ensure responsible and continuous site management after a sudden shutdown. Continued work will be required to plan for environmental and societal impacts that may occur in the future.

After some 37 days of strong mobilization in the streets, Supreme Court of Justice (CSJ) of Panama declared unconstitutional Law on Contracts 406 of October 20, 2023 approving the contract between the State of Panama and the company Minera Panamá, SA

After the verdict, The first quantum minerals announced arbitration before the International Court of Arbitration against the State of Panama and made it clear that as of last November 14, it had submitted a notice of intent to initiate arbitration to the Ministry of Trade and Industry of Panama in order to enforce its rights as determined. Canada-Panama Free Trade Agreement.