{"id":78321,"date":"2023-10-30T02:42:43","date_gmt":"2023-10-30T06:42:43","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/panama-president-asks-voters-to-decide-on-contentious-first-quantum-mining-contract\/"},"modified":"2023-10-30T02:42:47","modified_gmt":"2023-10-30T06:42:47","slug":"panama-president-asks-voters-to-decide-on-contentious-first-quantum-mining-contract","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=78321","title":{"rendered":"Panama president asks voters to decide on contentious First Quantum mining contract"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Panama’s President Laurentino Cortizo Cohen addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. REUTERS\/Eduardo Munoz\/File Photo<\/span>
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By Valentine Hilaire and Elida Moreno<\/p>\n

PANAMA CITY (Reuters) -President Laurentino Cortizo said on Sunday Panama would hold a referendum to decide whether to scrap a contract with Canadian miner First Quantum (NASDAQ:)’s local unit following days of protests by thousands of people opposed to the open pit mine project.<\/p>\n

The vote will take place Dec. 17 and its result would be binding, Cortizo said in a video message. <\/p>\n

“I’ve respectfully listened to those who oppose the contract with Minera Panama,” Cortizo said, using the name of First Quantum’s local unit. <\/p>\n

Neither First Quantum nor Minera Panama immediately responded to requests for comment.<\/p>\n

Panama’s government and the miner had agreed on a contract which would guarantee the Central American nation an annual income of $375 million while allowing First Quantum’s local unit to operate the Cobre Panama project, an open-pit copper mine, for at least 20 years.<\/p>\n

Protesters have criticized both the deal and the mine’s environmental costs, even after Cortizo on Friday issued a decree rejecting all new mining projects. <\/p>\n

Critics countered that the move would not affect the approved First Quantum contract.<\/p>\n

On Saturday, Minera Panama voiced concern after protesters on boats approached the international Punta Rincon port where it operates. <\/p>\n

“We are deeply concerned by this incident, which represents a significant threat for our operations and the safety of our workers,” it said in a statement on Saturday, calling the actions “illegal and violent.” <\/p>\n

In a statement late Sunday, Cortizo’s office noted that the contract was first established in 1991.<\/p>\n

After Cortizo’s announcement, Panama’s main workers’ union said its members will keep protesting in the streets until the contract is annulled.<\/p>\n

“There’s no maneuver in this fight that will deceive the people,” a union representative said.<\/p>\n

The Cobre Panama mine’s activity accounts for nearly 5% of the country’s economy, and last year represented about half of First Quantum’s EBITDA.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Panama’s President Laurentino Cortizo Cohen addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. REUTERS\/Eduardo Munoz\/File Photo By Valentine Hilaire and Elida Moreno PANAMA CITY (Reuters) -President Laurentino Cortizo said on Sunday Panama would hold a referendum to decide whether to scrap a […]<\/p>\n","protected":false},"author":1,"featured_media":3065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-78321","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nPanama president asks voters to decide on contentious First Quantum mining contract | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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