© Reuters. FILE PHOTO: View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photograph
By Valentine Hilaire and Divya Rajagopal
(Reuters) -A significant Panama mine run by Canada’s First Quantum Minerals (OTC:) will not be working at business ranges, a spokesman stated on Thursday, following blockades by protesters at a key port which have prevented the miner from receiving shipments of coal that energy the location and different provides.
Operations are set to renew as soon as the port blockade is resolved, the spokesman added.
Cobre Panama produced 112,734 metric tons of copper within the third quarter of 2023, and contributed $930 million to the agency’s total third-quarter income of $2.02 billion.
Protests have escalated for the reason that authorities and First Quantum (NASDAQ:) signed a brand new contract on Oct. 20 for the Cobre Panama concession, which contributes 1% to international copper manufacturing and 5% to Panama’s gross home product.
Protesters have argued the contract favors the miner an excessive amount of and allege corrupt practices in its approval.
“In terms of production we are talking about a temporary halt because of the illegal blockade. As soon as the port reopens, we will be able to ramp production back up quickly,” the corporate stated in a press release to Reuters when requested in regards to the mine’s standing earlier this week.
The corporate says an “illegal blockade” of small boats on the mine’s Punta Rincon port has been disrupting the mine’s exercise.
Michael Camacho, a pacesetter of the mine staff’ union, informed Reuters that staff began to depart the mine earlier on Thursday as a result of lack of provides to work. “As a union, we are very worried,” he stated.
Challenges in opposition to First Quantum’s contract have been filed to Panama’s prime courtroom, which is about to listen to the legality of the contract awarded to the miner from Nov. 24.
