Panama President, Laurentino Cortizo, said Friday, March 3 that the negotiations to reach a new agreement with Minera Panama are "in the final stretch", despite the "obstacles encountered with the representatives of the mine".
I feel that we are already in the final stretch to reach an agreement, but that agreement has to be beneficial for Panama, and Panamanians."
Cortizo said that he understands the concern of the population for the negotiations with Minera Panamá and stressed that on his "shoulders is the negotiation of a good contract with the mine, which is beneficial for all Panamanians. No to a cluster".
Currently, the Government of Panama and Minera Panama are in talks for the exploitation of the copper mine in Donoso, the previous contract was declared illegal by the Supreme Court of Justice.
Cobre Panamá is a mining project located in the province of Colón. It is considered one of the largest copper deposits in the world and is operated by the Canadian company First Quantum Minerals.
The copper mine consists of a porphyry copper deposit, which is a geological formation containing copper, gold, and molybdenum ores.
The project includes an open pit mine, a mineral processing plant, and transportation infrastructure including a seaport.
Construction of Cobre Panama began in 2011 and commercial production began in 2019. The mine has an estimated life of more than 40 years and is expected to produce approximately 350,000 tons of copper a year.