First Quantum aims to appeal Panama order to halt copper mine. mining copper panama
The metals producer would be forced to suspend “a significant amount” of workers if the mine goes into maintenance mode, according to the Jan. 6 memo.
“This is a drastic and, in our view, unnecessary step, which will potentially have a huge impact on our employees, our suppliers and the community around us,” First Quantum said in the letter. “This is not an action that should be taken lightly, but we will regrettably be compelled to follow the government’s directive if the final outstanding terms cannot be resolved on a reasonable basis.
“We are prepared to agree with, and even exceed, the objectives that the government outlined to us in January 2022 related to revenues, environmental protections, and labor standards, including a minimum revenue agreement that is unique and unprecedented in the mining industry,” the Jan. 6 memo said. “This includes a minimum $375 million in government income per year, with downside protections aligned with the government’s position.
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