He Ministry of Trade and Industry (MICI) reported actions with the aim of guaranteeing an orderly closure Panama copper minewhile the defense of the state is coordinated against the arbitration claims published by the companies Minera Panamá, SA, a subsidiary of Canada’s First Quantum Mineralsafter the verdict of the Supreme Court of Justice, which terminated the contract on managing the mining project.
MICI announced that it is coordinating the defense of the state in cooperation with Investment Arbitration Office of the Ministry of Economy and Finance (MEF) and Public service.
On November 29, Minera Panamá SA initiated arbitration before the International Court of Arbitration to protect its rights under the 2023 concession agreement, as well as First Quantum Minerals also made it clear that on November 14th it presented to MICI its intention to arbitrate the implementation of the Panama-Canada Free Trade Agreement.
It’s December 5th Ministry of Trade and Industry (MICI) sent to the company Minera Panama SA an order for the completion of extraction, processing, beneficiation, transportation, export and marketing operations, as well as mining activities in general.
Note no. 1052-2023, the State of Panama has officially begun the transition process for the orderly and safe closure of the mining project panama copper, in accordance with what was determined by the judgment of Supreme Court of Justice (CSJ).
Later, Trade Secretary Jorge Rivera’s staff convened the first inter-institutional meeting to assess the steps to be taken for the final and orderly closure of the mine.
The proposed plan, which will include the formation of a technical group to prepare a final closure plan, will be presented to the country in the coming days.
The government is also progressing in the process of auditing environmental protection and technical processes, through independent companies, with the aim of obtaining an updated scenario on the reality of the project.
The technical group will consist of appropriate domestic and international experts, representatives of various sectors with extensive professional experience in various branches, with the support of space for communication, cooperation, supervision and consultation with citizens.
Experts will work hand in hand with national government, providing scientific technical support throughout the process, guaranteeing and overseeing the complete closure of Cobra Panamá, ensuring the preservation, chemical and ecological stability of the area, to avoid all risks associated with the immediate forced closure of the mine in size.
In view of this, lawyer and environmentalist Harley Mitchell has announced that he will request access to the official documents on which the expected statement is based.
“The audit is for existing activities, but the extraction of minerals is prohibited. Therefore, the closure is practically a new activity, so a new EIA would be required”warned the specialist.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
