Business organization CoNEP said Panama's economy has taken a 5% hit to its GDP (gross domestic product) following the closure of First Quantum Minerals' Cobre Panama mine in late 2023, it said in a 162-page report on the socioeconomic repercussions of the closure.
Business organization CoNEP said Panama's economy has taken a 5% hit to its GDP following the closure of First Quantum Minerals' Cobre Panama mine in late 2023, it said in a 162-page report on the socioeconomic repercussions of the closure.The organisation estimated that the loss to Panama's economy will be US$18 billion over the next 10 years if the mine remains closed.
"It would take 115 years to replace one year of mining through tourism," CoNEP said.The company spent $135.6 million on environmental investments between 2019 and 2023, achieving reforestation of 4500 hectares in eight provinces and supporting a monitoring network of 215,000 hectares of protected areas. "The cessation of Cobre Panama's operations consequently implies the termination of these environmental and monitoring investments," it said.
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