{"id":34814,"date":"2023-12-01T20:32:48","date_gmt":"2023-12-02T01:32:48","guid":{"rendered":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=34814"},"modified":"2023-12-01T20:34:27","modified_gmt":"2023-12-02T01:34:27","slug":"panama-orders-first-quantums-copper-mine-closure","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-orders-first-quantums-copper-mine-closure\/","title":{"rendered":"Panama orders First Quantum\u2019s copper mine closure"},"content":{"rendered":"\n

Panama has asked Canadian miner First Quantum Minerals (TSX: FM) to halt its Cobre Panama copper mine following a ruling by the Supreme Court that declared the mining contract for the operation unconstitutional<\/a>.<\/p>\n\n\n\n

President Laurentino Cortizo took to\u00a0social media late on Tuesday<\/a>\u00a0to announce his government had started \u201cthe transition process for the orderly and safe closure of the mine.\u201d<\/p>\n\n\n\n

The top court\u2019s ruling capped six weeks of protests and official announcements over a contract that gave First Quantum 20 years of mining rights over the giant copper asset, with an option to extend the deal for another 20 years in return for $375 million in annual revenue to the Central American nation.<\/p>\n\n\n\n

Challenges against the contract piled up in court following massive protests against the contract, which almost paralyzed the country.<\/p>\n\n\n\n

Public figures including climate activist Greta Thunberg and Hollywood actor Leonardo Di Caprio<\/a> backed the protests and shared a video<\/a> calling for the \u201cmega mine\u201d to cease operations, which quickly went viral. <\/p>\n\n\n\n

First Quantum\u2019s local unit Minera Panama said in a statement on Wednesday<\/a>that is interested in pursuing dialogue with the country\u2019s government. It warned the court\u2019s decision doesn\u2019t touch several important points, such as how the government plans to prevent the arrival of illegal miners or what is going to happen to the more than 40,000 people directly and indirectly employed by Cobre Panama.<\/p>\n\n\n\n

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Read More<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Panama has asked Canadian miner First Quantum Minerals (TSX: FM) to halt its Cobre Panama copper mine following a<\/p>\n","protected":false},"author":5,"featured_media":34818,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[241,438,62,219,7,246],"class_list":["post-34814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-articles-panama-perpsective","tag-boquete-real-estate","tag-casas-en-venta-boquete","tag-coffee-in-panama","tag-move-to-panama","tag-panama-real-estate","tag-relocate-to-panama"],"yoast_head":"\nPanama orders First Quantum\u2019s copper mine closure - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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