Mulino rules out mining contract law to resolve Cobre Panama dispute
Panama will not offer a new mining contract law to resolve the Cobre Panama dispute and is still undecided regarding the way forward for the future of the mine, Panama President Jose Raul Mulino said on Tuesday evening while speaking at an industry event in Panama.
Canadian miner First Quantum, which owns the mine, dropped its arbitration against Panama weeks ago over the shuttered Cobre Panama mine in the country.
"I can't tell you yet what path (we) will follow. The only path that won't exist is a contract law, and I announce it here that there will be no mining contract law," Mulino said.
He added that approval of a contract mining law needs to go through the assembly, and the current Panamanian assembly won't do it. "We will do what it takes to establish something that is a real association, and that is crystal clear that the mine belongs to Panama," Mulino said.
The Cobre Panama mine has been under dispute since November 2023, after Panama's highest court declared the mining contract to be illegal and also banned all mining in the country. This was followed by massive public protests against the mine over environmental concerns forcing the previous government to shut down the mine.
The move by First Quantum to drop the $20-billion arbitration against Panama was seen by analysts as a cautious positive outcome in the long-drawn dispute.
"It should be noted that the reopening of the mine is expected to be a challenging process, requiring initial congressional approval, then signing another contract with the company and lastly, the green light of the Supreme Court, all amid the pushback from environmental organisations that were instrumental in forcing the closure of the mine in 2023," said a research note from BancTrust & Co.
However, with Mulino ruling out a contract law to resolve the dispute, the future of the mine reopening remains unclear
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