Categories: World

First Quantum says mine continues to work without interruption

Canadian mining company First Quantum Minerals (FQM) said this Friday that the controversial mine Panamanian copper It continues to operate without interruption, although he acknowledged that protests in Panama are causing problems and shortages of some supplies.

The FQM explained in a press release that the protests and blockades of “key roads” cause the mentioned problems, and pointed out that the evolution of the appeal for the constitutionality of the dispute is awaited. Law 406which gives it the right to exploit the Cobre Panamá mine through its subsidiary Mining of Panama (MPSA).

The Canadian company was “confident in its legal position and that of the MPSA” and added that it “reserves all of its rights and those of the MPSA in Panama and internationally.”

After a week of sharp stock falls, FQM shares opened higher, gaining nearly 9% shortly after trading on the Toronto market.

Since Monday, FQM shares have lost 32% of their value.

On Sunday, October 29, the President of Panama, Laurentino Cortizoannounced that he would call a referendum on December 17 on the renewal of the controversial contract with MPSA for the exploitation of Cobra Panamá.

The renewal of the contract to operate the mine, which is located about 120 kilometers west of Panama City and started production in 2019, has sparked serious protests in the Central American country since last October 23.

Panamanian activists denounced the new treaty as retaining the same problems that led to the previous one being declared unconstitutional Supreme Court and that the economic benefits do not compensate for the environmental damage of the surface mine, the largest in Central America.

FQM insists it is “proud of its contribution to Panama” and that the mine is the largest private investment in the country’s history, contributing almost 5% to its gross domestic product (GDP), and has created 40,000 direct and indirect jobs.

“Firts Quantum is a responsible mining company that takes its obligations very seriously. The company respects its legal obligations, both local and international, and follows high standards of ethical behavior in its conduct as a company,” the company said.

Source: Panama America

Share
Published by
Amelia

Recent Posts

Terror suspect Chechen ‘hanged himself’ in Russian custody Egyptian President al-Sisi has been sworn in for a third term

On the same day of the terrorist attack on the Krokus City Hall in Moscow,…

1 year ago

Locals demand tourist tax for Tenerife: “Like a cancer consuming the island”

class="sc-cffd1e67-0 iQNQmc">1/4Residents of Tenerife have had enough of noisy and dirty tourists.It's too loud, the…

1 year ago

Agreement reached: this is how much Tuchel will receive for his departure from Bayern

class="sc-cffd1e67-0 iQNQmc">1/7Packing his things in Munich in the summer: Thomas Tuchel.After just over a year,…

1 year ago

Worst earthquake in 25 years in Taiwan +++ Number of deaths increased Is Russia running out of tanks? Now ‘Chinese coffins’ are used

At least seven people have been killed and 57 injured in severe earthquakes in the…

1 year ago

Now the moon should also have its own time (and its own clocks). These 11 photos and videos show just how intense the Taiwan earthquake was

The American space agency NASA would establish a uniform lunar time on behalf of the…

1 year ago

This is how the Swiss experienced the earthquake in Taiwan: “I saw a crack in the wall”

class="sc-cffd1e67-0 iQNQmc">1/8Bode Obwegeser was surprised by the earthquake while he was sleeping. “It was a…

1 year ago