Minister of Trade and IndustryJorge Rivera Staffpresented this Tuesday the Action Plan for the orderly and final closure of the Cobre Panamá mine.
According to staff, the purpose of the plan is to ensure that this process is conducted in an accountable and transparent manner, in accordance with the Supreme Court of Justice ruling and Act 407.
The staff pointed out that Panama would be the first case in the world where an “immediate” closure of a mine, especially one of this size, had to be carried out. Mine closure plans with these characteristics take approximately 2 years to develop and up to 10 or more years to implement.
He added that it is in line with the sentence of CSJ and Law 407 mining moratorium, mineral extraction, processing and marketing activities have been fully completed in the Minera Panamá project.
In this sense, he added, there are a number of minimal conservation activities environment and safely managing facilities that cannot be completed overnight must be part of an orderly project closure process, which requires supplies and personnel. These minimum activities are necessary until the orderly closure plan is prepared and implemented, the mining activities of extraction, processing and marketing are completed.
The action plan is based on three specific strategies: first, orderly and final closure; second, defense of the state before international arbitrations; and third, the sustainable substitution of metal mining in national GDP (gross domestic product).
In the orderly and final closure of the Cobre Panamá project, an interim environmental protection and safe management plan will be activated; environmental and mining technical audits will be developed; and the final ordered mine closure and subsequent closure plan.
The strategy for the defense of the country’s interests in international arbitrations will be coordinated with the Ministries of Trade and Industry (MICI), Economy and Finance (MEF) and the State Ministry; and a legal advisory commission will be formed.
As for the strategy for sustainable substitution of metal mining in the national GDPl, the execution of Law 407 continues; with the collection of micro and macroeconomic data, with the creation of a cost-benefit analysis, and a short-term and long-term starting line will be established.
Sectoral and territorial spaces will also be created for active listening and consultation with citizens, and a document will be created and proposed that will be in accordance with this action plan.
The work plan defines tasks that start from December 23, 2023, with the organization of the temporary phase of environmental preservation and safe management, until June 2024, with the start of the creation of the final ordered closure plan and subsequent closure.
“Recognizing the clamor of the population, it is ours duty to ensure that this closing process is carried out responsiblyprioritizing the environmental safety of the site and surrounding communities,” Rivera staff explained and reported that throughout this process you will be accompanied by relevant experts, technical experts and advice from governments and international organizations with the most experience and credibility in their fields.
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.
