View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022.
President Laurentino Cortizo announced that the new mining restrictions will apply to both future mining projects as well as those currently seeking permits.
The abrupt mining pause comes barely a week after Cortizo hailed the revised contract that allows the local unit of Canada's First Quantum (FM.TO) to continue operating its lucrative Cobre Panama project.
"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.
The Cobre Panama mine alone accounts for nearly 5% of Panama's economy.
Persons:
Laurentino Cortizo, Cortizo, Hector Alexander, Alexander, Panama's, Edison Broce, Valentine Hilaire, Christian Plumb, Marguerita Choy, Raju Gopalakrishnan
Organizations:
Minerals, REUTERS, Aris, Reuters, Thomson
Locations:
Panama, Donoso