As part of the renegotiation of the concession contract for the Cobre Panama project by Minera Panama, now First Quantum Minerals Ltd., a series of environmental agreements have been reached, leading to the conclusion of discussions on this matter at the negotiation table. The Minister of Environment, Milcíades Concepción, explained some of the achieved agreements, which include:
- Establishment of an office within the mine’s concession area responsible for supervising, controlling, and overseeing environmental, labor, and other relevant activities.
- Obligation to maintain a permanent maintenance program for all mining infrastructure and related services.
- Development of a Contingency Plan and installation of a real-time monitoring system to promptly address environmental incidents and emergencies.
- Compilation of a database on soil conditions.
- Presentation of a Mine Closure and Post-Closure Plan.
Ramón Martínez, the Minister of Commerce and Industries, affirmed that the points discussed at the table were proposed by the Government and that the mining company accepted all of them. He reiterated that the designated team acts in the nation’s interest, seeking to maximize the benefits of copper exploitation in this mine. Furthermore, he emphasized that copper is a Panamanian resource, and territorial sovereignty is also a fundamental aspect.
Martínez added that one of the goals of the Panamanian State is to align mining contracts with international standards to ensure best practices in mineral exploitation. Regarding labor issues, he mentioned that the next discussions with Minera Panama will focus on labor negotiations, specifically on aspects related to the percentage of foreign workers allowed to participate in this activity. The Minister explained that these are the topics currently under discussion, and thus, he cannot provide a conclusion at this moment.
To carry out the renegotiation, the Panamanian Government has convened an elite commission consisting of government representatives, national negotiating experts, and a group of international experts.
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