According to a report by Mining.com citing Reuters, Panama’s President Jose Raul Mulino stated on Thursday that over 100,000 tons of copper concentrate stored at the closed First Quantum mine pose no immediate environmental risk.
The Cobre Panama copper mine was shut down in November last year after Panama’s Supreme Court ruled the contract between Canada’s First Quantum Minerals and Panama unconstitutional.
Since then, the commodity market has been watching closely for the Panamanian government’s decision on whether to allow the export of 130,000 tons of copper concentrate left behind after the mine’s closure.
Panamanians Divided Over Reopening Cobre Panama Mine
Mulino said that environmental authorities had inspected the site over a month ago and deemed the stored copper safe for the environment. Environmentalists and mining companies have both expressed concerns over the risks of leaving the copper on-site.
At his weekly press conference, Mulino said, “I asked Minister Juan Carlos Navarro to investigate, and he said there is currently no environmental threat. The Panamanian government plans to decide in January whether to proceed with First Quantum’s proposed maintenance plan for the Cobre Panama site.”
In a statement from April, First Quantum called for the immediate removal of the copper concentrate to mitigate potential issues. The company stated: “Due to prolonged storage while awaiting export authorization, monitoring has observed increased harmful gas emissions and heightened temperatures caused by drying and intensified chemical reactions, posing significant risks to health, safety, and the environment.”
Mulino added, “The plan to remove the copper must address payment issues and protests by fishing boats blocking the mine’s port. If it must be removed, it must be removed, but Panama must be paid because this material was mined under a concession that no longer exists. All these matters will ultimately form part of the comprehensive review.”
Cobre Panama’s Economic Impact
When operational, the Cobre Panama copper mine contributed 40% of First Quantum’s revenue and nearly 5% of Panama’s GDP. First Quantum’s total copper production for 2023 was 707,700 tons, down 9% from 2022. Cobre Panama produced 330,863 tons of copper in 2023, a 5.59% decrease compared to 2022’s 350,438 tons. Fourth-quarter copper output dropped by 30.2% to 62,616 tons.
[Source- 上海有色网] 巴拿马总统：第一量子滞留在Cobre铜精矿目前不会威胁环境 https://news.smm.cn/news/103098247
