Panama will bar First Quantum from extracting copper during the closure of the mine it lost the rights to run last year, the country's trade minister Jorge Rivera Staff told Reuters, adding that new ways need to be found to finance the mine's shutdown.
Item 1 of 3 Panama's Trade Minister Jorge Rivera Staff gestures during an interview with Reuters at his office, in Panama City, Panama May 2, 2024. REUTERS/Daniel BecerrilPanama's Trade Minister Jorge Rivera Staff gestures during an interview with Reuters at his office, in Panama City, Panama May 2, 2024.
Traders and investors are closely watching the election outcome to see if a new government could bring back mining but Rivera Staff said it could take months or even years to see any shift in Panamanians' current strong opposition to mining. Panama and the Canadian miner are working together to draft a plan - to be made public in the next two weeks - for the mine to be in "care and maintenance mode" while details on the final closure are sorted out, Rivera Staff said.
Another sticking point between Panama and First Quantum revolves around who owns the 121,000 tons of copper concentrate stored in the mine.Panama is working to find out if the copper concentrate, worth about $200 million, was mined before or after the ruling invalidating the contract, Staff said.
RULES:ELECTION-EXCLUDE-USA EREP ANLINS BASMTL BMAT BMAT08 CMPNY COM COPMIN CPPR ENV EXCLSV GEN MEMI METL MIN MINE MINE08 MTAL MTAL08 NEWS1 POL PUBL VOTE VOTP AMERS CA CAMER NAMER EMRG LATAM PA
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First Quantum could remove copper from Panama mine after election, CEO saysNo 1 source of global mining news and opinion
Read more »
Panama election unlikely to shift outlook for First Quantum’s copper mineNo 1 source of global mining news and opinion
Read more »
The end of the quantum tunnel: Exact instanton transseries for quantum mechanicsIn the quantum world, processes can be separated into two distinct classes. One class, that of the so-called 'perturbative' phenomena, is relatively easy to detect, both in an experiment and in a mathematical computation.
Read more »
Compact quantum light processing: New findings lead to advances in optical quantum computingAn international collaboration of researchers, led by Philip Walther at University of Vienna, have achieved a significant breakthrough in quantum technology, with the successful demonstration of quantum interference among several single photons using a novel resource-efficient platform.
Read more »
Quantinuum quantum computer using Microsoft's 'logical quantum bits' runs 14,000 experiments with no errorsA team of computer engineers from quantum computer maker Quantinuum, working with computer scientists from Microsoft, has found a way to greatly reduce errors when running experiments on a quantum computer. The combined group has published a paper describing their work and results on the arXiv preprint server.
Read more »
Quantum breakthrough: Microsoft slashes error rates in quantum computersQuantum computers use qubits and this breakthrough paves the way for hybrid supercomputers that will revolutionize research across industries
Read more »