Cobre Panama operations suspended – First Quantum copper gold Panama dispute FirstQuantumM
Canadian miner First Quantum Minerals on Thursday announced the suspension of ore processing operations at its Cobre Panamá mine, citing the Panamá Maritime Authority’s refusal to permit copper concentrate exports at the mine’s port.
First Quantum’s local subsidiary, Minera Panama, will begin a partial demobilisation of its workforce of more than 8 000 employees and contractors, on whom the impact is expected to increase significantly in the coming weeks if concentrate shipments do not resume, the company said in a statement.In addition to workforce reductions, the mine has ceased purchasing supplies and services that are equivalent to $20-million in weekly revenues to more than 2 000 Panamanian companies.
The AMP on January 26 ordered Minera Panama to suspend loading operations at Punta Rincon, citing a certification issue. The blocking of exports from the Cobre Panama mine came as a contract dispute between the government and the company over royalties and tax reached a stalemate.The AMP has issued individual letters to First Quantum’s maritime pilot service providers instructing them not to provide services to incoming vessels for loading copper concentrate at the port.
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