{"id":6661,"date":"2023-10-29T09:16:35","date_gmt":"2023-10-29T09:16:35","guid":{"rendered":"https:\/\/infundpros.com\/markets\/commodities\/panama-orders-halt-to-new-mining-projects-as-street-protests-grow\/"},"modified":"2023-10-29T09:16:36","modified_gmt":"2023-10-29T09:16:36","slug":"panama-orders-halt-to-new-mining-projects-as-street-protests-grow","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6661","title":{"rendered":"Panama orders halt to new mining projects as street protests grow"},"content":{"rendered":"
\n

By Valentine Hilaire<\/p>\n

(Reuters) -Panama will reject all new mining projects, the president said on Friday, as his government defends a controversial contract extending operations for two decades at a major mine that has sparked growing protests demanding its cancellation.<\/p>\n

President Laurentino Cortizo announced that the new mining restrictions will apply to both future mining projects as well as those currently seeking permits.<\/p>\n

“All of them will be rejected,” he wrote in a post on X. “This ban will go into effect from today.”<\/p>\n

The abrupt mining pause comes barely a week after Cortizo hailed the revised contract that allows the local unit of Canada’s First Quantum (NASDAQ:) to continue operating its lucrative Cobre Panama project.<\/p>\n

The extended First Quantum concession for the sprawling open-pit mine guarantees state coffers at least $375 million annually while allowing it to operate for at least 20 more years, with the possibility of further extensions.<\/p>\n

Thousands of protesters have taken to the streets to criticize the deal, as well as the mine’s environmental costs, and demand its withdrawal.<\/p>\n

Earlier on Friday, Economy Minister Hector Alexander echoed Cortizo’s support for the contract.<\/p>\n

“Panama is a mining country,” Alexander told Reuters, arguing that without the mine, the country’s economy would barely grow this year, versus the robust 6% growth the government estimates. <\/p>\n

The Cobre Panama mine alone accounts for nearly 5% of Panama’s economy.<\/p>\n

Also on Friday, Panama’s top court agreed to consider a second lawsuit challenging the contract.<\/p>\n

In recent days, protesters have erected road blockades to pressure authorities, which also led to the suspension of classes nationwide earlier this week.<\/p>\n

In an interview, Edison Broce, a lawmaker who opposes the contract, predicted that politicians who support it will be punished in elections next year.<\/p>\n

He urged Cortizo and his government to heed the protesters.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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