Angel Valdes | December 24, 2022
Through a statement it was learned that First Quantum and Minera Panamá are taking steps to initiate two arbitration processes against Panama, a commercial one under the 1997 contract, declared unconstitutional by the Supreme Court of Justice, and an investment arbitration under the Treaty of Free Trade between Canada and Panama (FTA).
On December 19, 2022, the National Government, in compliance with the decision of the Supreme Court of Justice. by which the 1997 contract was declared unconstitutional, ordered Minera Panama to prepare a plan to put the Cobre Panama mine into care and maintenance, which contemplates the cessation of commercial operations.
Throughout this process, the Government of Panama has worked with international and Panamanian legal advisors, preparing for all possible scenarios, in order to guarantee the defense of national interests and the rights of mine workers.
The resolution of the National Directorate of Mineral Resources of the Ministry of Commerce and Industry that orders Minera Panama to execute a care and maintenance plan for the Cobre Panama mine remains in force, and the government will monitor its full compliance.
