National Bank administers $20 million in mortgages for mine workers

He National Bank of Panama resent the closure of the copper mine, its general manager Javier Carrizo Esquivel admitted.

Only in the mortgages of mining project workers, the state bank has 20 million dollars.

“Now they will have to see how they are employed, how they get new jobs and we will do everything we can to help thembut it’s not pleasant news,” said the manager.

Last week, Cobre Panama asked the Ministry of Labor to terminate the contract with 4,000 workerswhich represents more than half of its workforce, after the authorities informed the company about the cessation of work.

Cobra Panamá’s contractual relationship with the state It was declared unconstitutional on November 28leaving the mine without a legal platform to continue operations.

At the level of our investment class, according to the manager of the National Bank, withdrawing the mining project does not help at all, because sends the wrong message to the markets regarding the stability of investments in the country.

The National Bank is not only affected by mortgages before closing the mine.’

Minera Panamá claims to have 7,300 workers and more than 2,000 suppliers.

The wages paid by the mine are among the best in the interior of the country.

The company announced a voluntary retirement program for its employees and then asked the Ministry of Labor to lay off 4,000 workers.

The company assured that it needs workers for the process of closing the copper mine.

First Quantum filed arbitration proceedings against the state of Panama, announced last week.

In addition, the transactions you maintain food suppliers and transport of heavy equipment which, among other things, contracts the mine.

“This affects the economy of Coclé, directly, and indirectly the whole country,” said Carrizo Esquivel.

Work together

This Monday, Cobre Panamá presented 10 reasons why they will have to continue working in the areain order to guarantee a socially and ecologically sustainable future for the area where it will stop working.

Within the so-called of the closure plan, the company stated that it was an unplanned shutdown of the mine requires different preparation than existing plans.

Consider necessary maintain the safety and condition of mine assetsvalued at more than 10 billion dollars, protecting them from decay and use in illegal activities.

Furthermore, you must give continuous management of water to maintain its quality and adoption of international practices for biodiversity restoration.

Cobre Panamá ensures that the mine decommissioning process must be managed by a highly qualified and knowledgeable team hydrology, geochemistry and geotechnical engineering.

In terms of manpower, it is suggested that while environmental stability and asset integrity measures are being implemented at the site, “workers involved in the process they need clarity about their futurecontinuing to contribute to the country.”

In the end, the mining company announced that it would be necessary to continue working plan impacts on the environment and society that may appear in the future.