{"id":29418,"date":"2020-07-21T09:37:29","date_gmt":"2020-07-21T14:37:29","guid":{"rendered":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=29418"},"modified":"2020-07-21T09:37:29","modified_gmt":"2020-07-21T14:37:29","slug":"reopening-canadian-owned-mine-will-aid-panama-economy","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/reopening-canadian-owned-mine-will-aid-panama-economy\/","title":{"rendered":"Reopening of Canadian owned mine will aid Panama economy"},"content":{"rendered":"

\"\"<\/a><\/p>\n

The Canadian company \u00a0First Quantum\u00a0has\u00a0 received to resume operations in the Cobre Panama mining project and expects \u00a0to reach full exploitation and export by \u00a0mid-August a boost for the economy<\/p>\n

On \u00a0July 3 \u00a0Minera Panam\u00e1, a subsidiary of First Quantum, \u00a0said that the project will open in three phases.<\/p>\n

In the first block, it will have 2,000 workers while another 5,000 workers, including subcontractors, will wait for the second and third phases, with no restart dates set.<\/p>\n

Francisco D\u00edaz, \u00a0secretary-general secretary of the Union of Workers of Minera Panam\u00e1 said that on July 15, \u00a0some 500 workers brought\u00a0 the total \u00a0inside the mine to\u00a0 To 1,300
\n<\/strong>60% of the production from the Donoso mine is exported to China.\u00a0And the rest to Spain, Japan, South Korea, the Philippines, India and Germany.<\/p>\n

4,500 people are direct workers and another 2,500 are employees of subcontractors.<\/p>\n

D\u00edaz said \u00a0that currently there are 300 workers serving two weeks of preventive quarantine in hotels in Cocl\u00e9.\u00a0After 14 days, during which the workers receive payment for 8 hours a day, Minsa authorizes their entry into the project.<\/p>\n

This week, health authorities and the Ministry of Labor inspected the project to confirm compliance with health protocols.<\/p>\n

In June, Minsa announced that Cobre Panama was included in the sixth block of the economic opening plan established by the Government, following the COVID-19 outbreak.<\/p>\n

Minera Panam\u00e1 said that the reason why it was in block 6 and not in group 2, , was due to the probability that asymptomatic people would cause an outbreak of the virus in the\u00a0 mining camps<\/p>\n

Of the $432 million of company earnings before interest, taxes, depreciation, and amortization, reported by First Quantum in the first quarter of this year, $157 million was contributed by the Donoso project.<\/p>\n

“The operation is expected to increase to full production in mid-August, depending on the successful implementation of the reopening plan.\u00a0No cases of Covid-19 have been detected at the Cobre Panama site since April 30, 2020, “First Quantum said in a statement.<\/p>\n

Before Covid-19, the company’s subsidiary had estimated production of 75,000 tons per quarter, with an annual projection of 310,000 tons of copper concentrate.<\/p>\n

Now, the company has reevaluated its calculations and projects a maximum production of 235,000 tons of copper concentrate and up to 100,000 ounces of gold by December 31,<\/p>\n

According to the agreement between the union and Minera Panam\u00e1 workers at the project will stay 4 weeks in the mine and then have two weeks of rest, in which they will receive the payment of 8 hours a day.<\/p>\n

Once this term is fulfilled, the workers will go to the hotels to fulfill the 14-days quarantine and then enter the project.<\/p>\n

Source:\u00a0Newsroom Panama<\/p>\n

Stay Safe!!<\/p>\n\n

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    The Canadian company \u00a0First Quantum\u00a0has\u00a0 received to resume operations in the Cobre Panama mining project and expects \u00a0to<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[242,12,241,39,248,34,33,62,265,42,219,11,249,243,7,246,244,260],"class_list":["post-29418","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective","tag-boca-chica-real-estate","tag-boquete","tag-boquete-real-estate","tag-buenaventura","tag-casco","tag-casco-antiguo","tag-casco-viejo","tag-coffee-in-panama","tag-disenfetion-services-safety-in-panama-panama-real-estate-bocas-del-toro","tag-estate-homes-in-panama","tag-move-to-panama","tag-offshore-real-estate","tag-panama-offshore-real-estate","tag-panama-papers","tag-panama-real-estate","tag-relocate-to-panama","tag-rum-in-panama","tag-travel-to-panama-rent-in-boquete"],"yoast_head":"\nReopening of Canadian owned mine will aid Panama economy - Blog and Newsletter<\/title>\n<meta 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