The Government has successfully reached environmental agreements with Minera Panama

According to Ramón Martínez, Minister of Commerce and Industries, the mining company has accepted all the environmental points proposed by the Government.

During the renegotiation of the concession contract for the Cobre Panama project, carried out by the State in collaboration with Minera Panama, currently First Quantum Minerals Ltd, a series of agreements have been reached in environmental matters, which has allowed the discussion on this topic at the negotiating table to be concluded. According to the Minister of Environment, Milcíades Concepción, the reached agreements include:

1. The creation of an office within the mine concession area responsible for supervising, controlling, and overseeing environmental, labor, and other relevant activities.
2. The obligation to maintain a permanent maintenance program for all project infrastructures, mining works, and services.
3. The development of a Contingency Plan and the installation of a real-time monitoring system with stations for an immediate response to possible environmental incidents or emergencies.
4. The creation of a database to record soil conditions.
5. The presentation of a Mine Closure and Post-Closure Plan.

These agreements reflect the commitment of both parties to ensure environmental protection and compliance with required standards in the project’s development.

The Minister of Commerce and Industries, Ramón Martínez, stated that the points discussed at the table were proposed by the Government and that the mining company accepted them in their entirety. Martinez reiterated that the designated team acts in line with national interests, which include obtaining maximum benefits from the copper exploitation in this mine. The Minister emphasized that copper is a Panamanian resource and its exploitation takes place within the framework of our full territorial sovereignty. Furthermore, he pointed out that one of the objectives of the Panamanian state is to align mining contracts with international standards to ensure best practices in mineral exploitation activities.

Regarding labor issues, Minister Martinez announced that the next point to be discussed with Minera Panama will be labor negotiations. “Our proposal today was based on an initiative presented by the Minister of Labor, Doris Zapata, regarding labor aspects related to the percentage of foreign workers’ participation in this activity. These are the topics we are discussing, and therefore, I cannot reach a conclusion at this time,” said the Minister of Commerce and Industry. To carry out the renegotiation, the Government of Panama has convened an elite commission composed of government representatives, local negotiating experts, and a group of international experts.
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