DIRS.INFO The most relevant business & tech news

☆ Panama elections: Mulino declared ‘unofficial’ winner of presidential election
▼ + stars: | 2024-05-06 | by ( Juan Carlos Paz | Mia Alberti | ) edition.cnn.com time to read: +3 min

CNN —José Raúl Mulino, a rightwing former public security minister, was declared the “unofficial” winner of Panama’s presidential election on Sunday, the country’s electoral court confirmed. “I receive with joy these results, which are the will of the majority of the Panamanian people in our democracy, which I assume with great responsibility and humility as a Panamanian,” Mulino said during his victory speech. He originally ran as the vice-presidential candidate of former President Ricardo Martinelli. After a court sentenced Martinelli to 11 years in prison for money laundering, Mulino moved to the top of the ticket. “To Ricardo Martinelli: my friend, mission accomplished Ricardo.

Persons: Mulino, Ricardo Lombana, ” Mulino, Ricardo Martinelli, Martinelli, “, Ricardo, ”, Matias Delacroix, Fitch, Panama that’s, El Nino Organizations: CNN, Central Locations: Central American, Panamanian, Nicaraguan, Panama’s, Panama City, Panama, Venezuela, Colombia

☆ Global trade and immigration on the line in Panama’s presidential vote
▼ + stars: | 2024-05-03 | by ( David Shortell | ) edition.cnn.com time to read: +5 min

Achieving Goals presidential candidate José Raúl Mulino speaks with reporters after meeting with members of the Electoral Observation Mission, in Panama City, Wednesday, May 1, 2024. The case of former President Ricardo Martinelli, who was disqualified from running by the courts because of a past corruption conviction, stands out. Once the favorite to win this year’s presidential race, Martinelli was disqualified from running by Panama’s electoral court in March because of the conviction and sentence. There are seven other presidential candidates, including current Vice-President José Gabriel Carrizo, former President Martín Torrijos, and Rómulo Roux, another former minister under Martinelli. Martinelli has thrown his support behind Mulino, even releasing campaign videos from inside the Nicaraguan embassy.

Persons: Daniel Zovatto, El Nino, Fitch, ”, José Raúl, José Raúl Mulino, Matias Delacroix, Mulino, Panama that’s, Ricardo Martinelli, Martinelli, José Gabriel Carrizo, Martín Torrijos, Rómulo Roux, “ Organizations: CNN, Central, Latin America, Wilson, Americas Society, Panamanian, Gallup, Nicaraguan Locations: Panama, Central American, Panama City, United States, Venezuela, Panamanian, Colombia, Mulino, Americas, Nicaragua’s, Nicaraguan

☆ A boomer who moved to Panama after years as a bartender in the Hamptons and New Mexico outlines the pros and cons of living in Central America
▼ + stars: | 2024-04-13 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

George Stumpp, a retired bartender, lives comfortably in Panama after moving from New Mexico. He said Panama has robust infrastructure, a lower cost of living, and many of the same stores as the US. AdvertisementGeorge Stumpp, 65, worked as a bartender and bar supervisor in Long Island and New Mexico for decades. He's enjoying retirement in a country with a lower cost of living and high-quality healthcare, and he said he's enjoyed adapting to Panamanian culture. As his kids got older, he started to vacation in Central America, traveling to Costa Rica, Belize, and Panama.

Persons: George Stumpp, —, he's, we've, Stumpp, it's, Long, there's Organizations: Service, Panama City, Central, Business, Hamptons, Sante Locations: Panama, New Mexico, Long Island, Panamanian, Colombia, Thailand, St, Maarten, Long, Sante Fe, Santa Fe, Central America, Costa Rica, Belize, Ontario, Canada

The group is now waiting in Mexico City to get an appointment so they can legally cross the U.S.-Mexico border. They are biding time in Mexico City until they have enough money for a phone so they can use CBP One. Mexico deported only about 429 Venezuelans during the first two months of 2024, meaning nearly all are waiting in Mexico. Many fear that venturing north of Mexico City will get them fleeced or returned to southern Mexico. She said they were robbed by Mexican officials and gangs and returned several times to southern Mexico.

Persons: it's, ” Daniel Ventura, Biden, —, Joe Biden, Andres Manuel López Obrador, ”, López Obrador, Yessica Gutierrez, “, Jose Alberto Uzcategui, Stephanie Brewer, Maria Victoria Colmenares, Colmenares, Alejandro Mayorkas, Torrealba, ___, Gonzalez, Rebecca Santana Organizations: MEXICO CITY, U.S, United, Migrants, Washington Office, CBP, . Homeland, Associated Press, Washington , D.C Locations: MEXICO, U.S, Colombia, Panama, Mexico, “, Darien, Fort Atkinson , Wisconsin, Guatemala, Venezuela, Ecuadorians, United States, Mexico City, Venezuelan, Trujillo, Panamanian, America, The U.S, Tijuana, San Diego, Matamoros, Brownsville , Texas, Nicaragua, Washington ,

☆ 'America's greatest gift to Israel'
▼ + stars: | 2024-03-24 | by ( David Kushner | ) www.businessinsider.com time to read: +35 min

As the country's founder and first prime minister, David Ben-Gurion, once declared, "America's greatest gift to Israel was Al Schwimmer." Joining the Haganah, Schwimmer discovered, wasn't as easy as just strolling through the door. "He felt he had to do his part in creating a Jewish state, so this could never happen again," Schwimmer recalled. Rather than melt down the surplus weapons for scrap, Liff told Greenspun to take as much as he wanted — free of charge. In 2001, at the urging of Brian Greenspun, Schwimmer received a presidential pardon from Bill Clinton.

Persons: Danny Schwimmer, They'd, Rina, Al —, David Ben, Gurion, Al Schwimmer, Schwimmer, Bugsy Siegel's, Meyer Lansky, Frank Sinatra, Sinatra, —, Boaz Dvir, Israel —, Danny, Al, I've, Hank Greenspun, Greenspun, Brian, Adolph, Dick Tracy, " Schwimmer, Wing Walker, America, Yehuda Arazi, Arazi, they'd, Schwimmer's, Sam Lewis, Leo Gardner, Milton, Milt, Rubenfeld, Paul Reubens, Herman, Reubens, Bugsy Siegel, Siegel, — Schwimmer, Nathan Liff, Liff, PhotoQuest, Bernarr McFadden, Pat, Ptacek, Rafael Trujillo, Teddy Kollek, Erwin Johnson, Bill Gerson, Gerson, Bud King, Gerson's, Ben, Joel Kimmel, Lewis, Lansky, hadn't, Tommy, Messerschmitts, David, Milt Rubenfeld, Israel, Charlie Winters, Winters, weren't, aren't, America's, Joseph McCarthy, John F, Kennedy, Brian Greenspun, Golda Meir, Bill Clinton Organizations: Israeli Air Force, TWA, Haganah, United Nations, Lockheed Air, Los Angeles Examiner, USC, Getty, US Naval, Schwimmer Aviation, FBI, UN, Customs Service, Palestine . Volunteers, Embassy, Israel, Service Airways, State Department, BI, Pepsi, Zionist, Nazi, Star, American, Avia, Messerschmitt, Pennsylvania State University who's, Las, Sun, Israel Aerospace Industries, IAI, they're, Israeli Locations: Tel Aviv, Israel, Connecticut, Palestine, New York, Copacabana, United States, Hungary, Auschwitz, storages, Arizona, Bridgeport, Rome, Burbank , California, Burbank, Las Vegas, Hawaii, Oahu, Santa Claus, California, Washington, Burbank ., Acapulco, Mexico, it's, Mexico City, Central, South America, Dominican Republic, China, America, Mexican, Panama, Panamanian, Corsica, Oklahoma, Detroit, Suriname, Brazil, Senegal, Casablanca, Sicily, Catania, Europe, Czechoslovakia, Czech, Egypt, Cairo, Los Angeles, American, Gaza, Iran

☆ An Arms Smugger, a Daring Heist, and the Birth of Israel
▼ + stars: | 2024-03-24 | by ( David Kushner | ) www.businessinsider.com time to read: +35 min

Joining the Haganah, Schwimmer discovered, wasn't as easy as just strolling through the door. "He felt he had to do his part in creating a Jewish state, so this could never happen again," Schwimmer recalled. Rather than melt down the surplus weapons for scrap, Liff told Greenspun to take as much as he wanted — free of charge. "It went against the grain to buck the same government we had fought to preserve only a few years before," Hank Greenspun recalled. In 2001, at the urging of Brian Greenspun, Schwimmer received a presidential pardon from Bill Clinton.

☆ Yemen's Houthis say they targeted oil tanker Pollux
▼ + stars: | 2024-02-17 | by ( ) www.cnbc.com time to read: 1 min

Yemen's Iran-aligned Houthis said on Saturday that they had fired missiles at oil tanker Pollux, which U.S. officials said the previous day had been hit by a missile. The U.S. State Department said on Friday that the Pollux, a Panamanian-flagged tanker carrying crude oil bound for India, was hit by a missile on its port side. "The naval forces of the Yemeni Armed Forces carried out a targeting operation against a British oil ship (Pollux) in the Red Sea with a large number of appropriate naval missiles, and the strikes were accurate and direct", the Houthis' military spokesperson, Yahya Sarea, said in a statement. The Houthis have launched repeated drone and missile attacks against international commercial shipping in the Red Sea and the Bab al-Mandab Strait since mid-November, saying they are acting in solidarity with Palestinians as Israel wages war on Hamas.

Persons: Houthis, Yahya Sarea Organizations: U.S . State Department, Yemeni Armed Forces Locations: Iran, Panamanian, India, Mandab, Israel

WASHINGTON (AP) — Arrests for illegal crossings on the U.S. border with Mexico fell by half in January from record highs in December to the third lowest month of Joe Biden's presidency, authorities said Tuesday. Border Patrol arrests totaled 124,220 in January, down 50% from 249,735 in December, the highest monthly tally on record. Tucson, Arizona, was again the busiest sector for illegal crossings with 50,565 arrests, down 37% from December, followed by San Diego. Greg Abbott's border enforcement efforts, plummeted 76% from December to 16,712, the lowest since December 2021. The only months of Biden's presidency with fewer border arrests were in June 2023, after pandemic-related asylum restrictions lifted, and February 2021, his first full month in office.

Persons: Joe Biden's, Alejandro Mayorkas, Troy Miller, ” Miller, Greg Abbott's, Mayorkas Organizations: WASHINGTON, White, House Republicans, U.S . Homeland, U.S, U.S . Customs, Protection, Border Patrol, Texas Gov, Associated Press, didn’t Locations: U.S, Mexico, Panama, Darien, United States, Haiti, China, Ecuador, Colombia, Tucson , Arizona, San Diego, Del Rio, Eagle, Texas, Rio Grande Valley

☆ Luis Tejada: Panama’s all-time leading goal scorer dies age 41
▼ + stars: | 2024-01-29 | by ( Matias Grez | ) edition.cnn.com time to read: +1 min

CNN —Former Panama striker Luis ‘Matador’ Tejada, who helped the national team qualify for its first ever World Cup in 2018, has died at the age of 41, the Panamanian Football Federation (FEPAFUT) announced on Sunday. Local media reported that Tejada, whose 43 international goals makes him Panama’s all-time leading goal scorer, collapsed while playing in a local recreational league. CNN Sport has reached out to the Panamanian national police for comment. Panama finished a point and two places ahead of the US men’s team, which failed to qualify for the World Cup for the first time in 32 years. Panama troubled Tunisia in the team’s opening group match in Russia, but the north African side came from a goal behind to win 2-1.

Persons: Luis ‘ Matador ’ Tejada, Tejada, FEPAFUT, Blas Pérez, ” Tejada Organizations: CNN, Panama, Panamanian Football Federation, Local, CNN Sport, Panamanian, police, CONCACAF, US Locations: Panama, Panamanian, Tunisia, Russia, England, Belgium

☆ Considering a move abroad in 2024? These are the best countries for expats
▼ + stars: | 2024-01-13 | by ( Blane Bachelor | ) edition.cnn.com time to read: +26 min

The survey, which has been running for a decade, reflects input from nearly 12,000 expats representing 177 nationalities in 181 countries or territories. John Coletti/The Image Bank Unreleased/Getty ImagesA longtime retirement destination for Americans, Mexico also has attracted more families and the digital nomad set over the past few years. Pros: Mexico ranked first in InterNations’ 2023 Expat Insider survey and has ranked among the top five countries since 2014. Cons: As is the case in Mexico and other countries with large expat communities, there’s growing backlash against the influx of foreigners, especially Americans, and especially in Lisbon. That popularity among auslanders has contributed to a housing pinch in major cities, especially Berlin, where finding accommodation is one of the most stressful aspects of a move.

Persons: It’s, Megan Frye, Frye, ”, “, We’ve, John Coletti, San Miguel de Allende, margarita, Sean Pavone, expats, Alex Ingrim, Chase, Ingrim, it’s, pollsters, they’re, it’s MVV, Arielle Tucker, that’s, auslanders, Andriy Kravchenko, “ Costa, ” David Lesperance, Costa Rica’s, “ Tico, Sebastien Lecocq, Lesperance, he’s, what’s, Emily, ” Tucker, Roth, Tucker, Carte Organizations: CNN, Invest Overseas, Braga, InterNations, Mexico, National Institute of Statistics, Human Rights Watch, Visa, USA, CNN Travel, ”, Spain, International, Travel Association, pollsters Gallup, Michelin, Changi, Cons, United, Costa Rica Costa, Central, Costa, Lesperance, Associates, Panama Panama, Miami of, Panama City, Panama Qualified Investment, Panama Golden Visa, France France Locations: Valencia, Spain, Portugal, Mazatlán, Mexico, United States, Mexico City, Michigan, Mexico Mexico, Plaza Carso, Polanco, North America, —, Oaxaca, San Miguel, Playa, Carmen, InterNations, Portugal Portugal, Porto, Douro, Europe, Lisbon, Western Europe, Madrid, Barcelona, Seville, Bilbao, Catalonia, Catalan, Netherlands, Amsterdam, Statista, Haarlem, Delft, Leiden, Maastricht, Washington, Miami , New York, San Francisco, Germany Germany, Munich, Germany, Berlin, Frankfurt, Stuttgart, Switzerland, Singapore Singapore, Singapore, Asia, Entre, Costa Rica, “, “ Costa Rica, Costa Rican, Panama City, Miami, Miami of Central America, Panama, North, South America, Italy, Venice, Italian, Paris, France, Lyon, Strasbourg

☆ Costa Rica Arrests Ex-Panama Presidential Hopeful Tied to Money Laundering Case
▼ + stars: | 2023-12-05 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +2 min

SAN JOSE/PANAMA CITY (Reuters) - Costa Rican police on Tuesday arrested Panamanian businessman and former presidential hopeful David Ochy on charges of fraud and money laundering, judicial authorities said on Tuesday, following an Interpol request. Ochy was wanted by Interpol for being central to a case linked to former Panamanian President Ricardo Martinelli, who was in July sentenced to over a decade in prison for money laundering. Ochy enrolled as a presidential pre-candidate for Martinelli's Realizing Goals party ahead of the 2024 vote, which protected him from facing trial in the Martinelli case last summer. Ochy faces criminal charges for money laundering and using a fraudulent Costa Rican identity card, Zuniga said. Carlo Diaz, who heads Costa Rica's state attorney's office, said he could be extradited to neighboring Panama though he must first face criminal proceedings in Costa Rica and could even serve a prison sentence there.

Persons: David Ochy, Ochy, Ricardo Martinelli, Martinelli, Randall Zuniga, Zuniga, Carlo Diaz, Javier Caraballo, Alvaro Murillo, Elida Moreno, Sarah Morland, Sandra Maler Organizations: JOSE, PANAMA CITY, Tuesday, Interpol, Central American Locations: PANAMA, Costa Rican, Panamanian, Costa Rica, Rican, Caribbean, Pococi, Costa Rica's, Panama, San Jose, Panama City

LOS ANGELES (AP) — Ten of the top albums of the year, as chosen by Associated Press Music Writer Maria Sherman. Instead of embracing the antiquated practice of ranking very different albums against one another, we're celebrating the best next to the best. Leading the charge is Peso Pluma, whose third studio album, “Génesis,” became the highest-charting regional Mexican album of all time. “Hackney Diamonds,” The Rolling StonesPrior to “Hackney Diamonds,” the Rolling Stones hadn’t released an album of original material in 18 years. AP's Jocelyn Noveck put it best: This album is their best new work in decades — tight, focused, full of heart and swagger.

Persons: Maria Sherman, “ Barbie, “, Carín León, ”, Pluma, Olivia Rodrigo, Rodrigo, —, Joan Didion, ” Rodrigo, “ Lucky, Megan Moroney Let’s, Morgan Wallen’s “, Luke Combs, Tracy Chapman’s, Megan Moroney, Taylor Swift, Charlie Watts, Andrew Watt, Post Malone, Justin Bieber, Lady Gaga, AP's Jocelyn Noveck, Raven, Kelela, Shaadi Devereaux, ” Karol G, reggaetón, Daddy Yankee, J Balvin, Rauw Alejandro, Karol G's, there's, Ojos, Shakira, It’s, Carlos Niño, Rihanna, Beyoncé, Kendrick Lamar’s, Arlo, Arlo Parks Organizations: ANGELES, Associated Press, banda, Tennessee, “ Hackney, Ojos Ferrari, Sun, Chicago, NFL, Carolinas, — Locations: Mexican, Mexico, Kelela, Será, Puerto Rican, Panamanian, , New York, Colombian, “ Carolina, California, Sunbeams, ”

☆ A US warship and multiple commercial vessels in the Red Sea were attacked near Yemen, a potential escalation of the Mideast conflict
▼ + stars: | 2023-12-03 | by ( Associated Press | ) www.businessinsider.com time to read: +4 min

A US warship and multiple commercial ships came under attack in the Red Sea on Sunday. The Houthis have said they would attack ships aligned with Israel until the Gaza conflict ends. AdvertisementAn American warship and multiple commercial ships came under attack Sunday in the Red Sea, the Pentagon said. AdvertisementThe British military earlier said there had been a suspected drone attack and explosions in the Red Sea , without elaborating. Earlier in November, the Houthis seized a vehicle transport ship also linked to Israel in the Red Sea off Yemen.

Persons: Yemen's, —, Yemen's Houthi, Carney, Arleigh Burke, Yahya Saree, Saree, Dan David Ungar, Bernhard Schulte Shipmanagement, Ungar, Abraham, Rami Organizations: Service, Pentagon, US Navy, Associated Press, Unity, U.S Locations: Israel, Gaza, Red, Mandeb, Aden, Gulf of Aden, Bahamas, British, Panamanian, Sanaa, Yemen, Hodeida

☆ First Quantum CEO: long-term sustainability uncertain if Panama operations end
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +1 min

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. The company has notified buyers it will not be able to meet agreements due to force majeure, Pascall added. Panama's top court issued a ruling deeming First Quantum's contract with the government to operate a key copper mine unconstitutional. The Canadian miner said on Friday it has initiated arbitration against Panama, with Pascall noting the company still does not know the amount it will be asking from the country during the process. Reporting by Elida Moreno and Valentine Hilaire; Editing by Brendan O'BoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Tristan Pascall, majeure, Pascall, Laurentino Cortizo, Elida Moreno, Valentine Hilaire, Brendan O'Boyle Organizations: Minerals, REUTERS, Aris, Panamanian, La Prensa, Panama, Thomson Locations: Panama, Donoso

Cobre Panama has said it is committed to growing more new forest than is impacted by its mine. "We aren't going anywhere," Sabino Ayarza, a representative of the protesting fishermen, told Reuters on Tuesday from his boat. Their grassroots movement, nearly unheard of in business-friendly Panama, has wiped C$11 billion ($7.4 billion) off First Quantum's market value and raised global copper prices on supply worries. The protesters' victory in Panama is emblematic of the outsized and sometimes unexpected influence local communities are having on mining companies worldwide. Cobre Panama accounted for about 46% of First Quantum's overall revenue in the third quarter, according to company data.

Persons: Aris Martinez, Sabino Ayarza, Ayarza, Codelco, Valentine Hilaire, Divya Rajagopal, Fabian Cambero, Christian Plumb, Denny Thomas, Nick Zieminski Organizations: REUTERS, Aris, PANAMA CITY, Minerals, Reuters, Panamanian, Tuesday, Scotiabank, Protesters, First, Thomson Locations: Panama City, Panama, PANAMA, TORONTO, Portugal, Peru, Chile, Macquarie, Mexico City, Toronto, Santiago

☆ Panama’s Supreme Court Rules Against Major Copper Mine
▼ + stars: | 2023-11-28 | by ( José De Córdoba | Anthony Harrup | ) www.wsj.com time to read: 1 min

The Cobre Panama mine represents about 1.5% of world copper production. Photo: stringer/ReutersPanama’s top court ruled Tuesday against a contract between the government and Canadian miner First Quantum Minerals , placing in jeopardy one of the world’s largest copper mines. The court unanimously ruled that a law passed in October by the National Assembly, which recently approved a revised contract between the mining company and the Panamanian government, is unconstitutional. The law provided a legal framework for the contract allowing the company to operate the large mine.

Organizations: Reuters, Minerals, National Assembly Locations: Panama, Panamanian

"We have decided to unanimously declare unconstitutional the entire law 406 of October 20, 2023," Supreme Court President Maria Eugenia Lopez said. First Quantum acknowledged the ruling and affirmed its "unwavering commitment to regulatory compliance in all aspects of our operations within the country." Panama President Laurentino Cortizo said the country will abide by the court ruling. For First Quantum, the Panama ruling would be a repeat of its decade-old experience in the Democratic Republic Of Congo. The company exited DRC in 2012 after it filed an arbitration procedure against the African country for cancelling its mining contract.

Persons: Aris Martinez, Maria Eugenia Lopez, Quantum, Laurentino Cortizo, Morgan, Ricardo Martinelli, Leonardo Di Caprio, Elida Moreno, Valentine Hilaire, Natalia Siniawski, Denny Thomas, Chizu Nomiyama, Mark Porter Organizations: Minerals, REUTERS, PANAMA CITY, Reuters, Panama, London Metal Exchange, Central, RBC, Democratic, Natural Resources Corporation PLC, Cobre, Thomson Locations: Panama's, Panama, Panama City, PANAMA, Central American, Democratic Republic Of Congo, Hollywood, Cobre Panama

PANAMA CITY (AP) — Panama’s Supreme Court ruled unanimously Tuesday that a 20-year concession for a Canadian copper mine that has been the focus of widespread environmental protests was unconstitutional. In March, Panama’s legislature reached an agreement with First Quantum allowing Minera Panama to continue operating the huge copper mine for at least 20 more years. The dispute over the mine led to some of Panama's most widespread protests in recent years, including a blockade of the mine’s power plant. A court decision that declared the contract unconstitutional was the last opportunity for opponents to get it thrown out. The Canadian government said it respected Tuesday's ruling and was following the contract negotiation closely.

Persons: —, Raisa Banfield, “, ”, Jean, Pierre J, ” ___ Rob Gillies Organizations: PANAMA CITY, Minerals, Pan, Naval, Panamanians, National Assembly, government’s Global Affairs Department Locations: PANAMA, Panama, Panama’s, Costa Rica, Minera Panama, Colon province, Toronto, America, Caribbean

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Acquire Licensing RightsNov 26 (Reuters) - Eight Panama workers of Canadian miner First Quantum were injured when protesters hurled rocks at a bus transporting them, a union leader said on Sunday, as tensions flared at the company's lucrative mine in the Central American country. Workers were injured as protesters smashed the bus' glass windows when they were leaving the mine located in Panama's Cocle province, said union leader Michael Camacho. The company's local unit Minera Panama said in a statement that one worker and some contractors were attacked in a violent incident. "The affected worker is in stable condition and currently receiving medical attention and emotional support," the company statement said.

Persons: Michael Camacho, Valentine Hilaire, Elida Moreno, Josie Kao Organizations: Minerals, REUTERS, Aris, Central American, Workers, Reuters, Thomson Locations: Panama, Donoso, Panama's Cocle, Panama's

View of the Cobre Panama mine, of Canada's First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Acquire Licensing RightsNov 24 (Reuters) - Panama's top court started deliberations on Friday to rule on several constitutional challenges to First Quantum Minerals' (FM.TO) contract for the Cobre Panama mine, an outcome keenly watched by the global copper market and investors. Cobre Panama is one of the world's biggest and newest copper mines, producing about 1% of global copper supply. "Over the long-term we've invested more than $10 billion in turning the Cobre Panama into a world-class asset," Pascall was quoted as saying. However, Panama's top court in 2017 deemed unconstitutional the law under which First Quantum was operating the mine.

Persons: Tristan Pascall, Pascall, Greta Thunberg, Leonardo Di Caprio, Quantum, Valentine Hilaire, Divya Rajagopal, Denny Thomas, Sonali Paul Organizations: Minerals, REUTERS, Aris, Reuters, First, Central, LatAm, Co, Thomson Locations: Panama, Donoso, Central American, Jiangxi

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. Operations are set to resume once the port blockade is resolved, the spokesman added. Protests have escalated since the government and First Quantum signed a new contract on Oct. 20 for the Cobre Panama concession, which contributes 1% to global copper production and 5% to Panama's gross domestic product. "In terms of production we are talking about a temporary halt because of the illegal blockade. The company says an "illegal blockade" of small boats at the mine's Punta Rincon port has been disrupting the mine's activity.

Persons: Michael Camacho, Valentine Hilaire, Divya Rajagopal, Brendan O'Boyle, Sarah Morland Organizations: Minerals, REUTERS, Aris, Quantum Minerals, Reuters, First, Thomson Locations: Panama, Donoso, Rincon

☆ Panama port blockade keeps supplies from First Quantum mine, company says
▼ + stars: | 2023-11-17 | by ( Elida Moreno | ) www.reuters.com time to read: +2 min

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. Protests have in recent weeks escalated against the miner's contract for a major copper mine operated by the company's local unit, known as Minera Panama. "The illegal actions carried out by small vessels in the port of Punta Rincon have affected the delivery of supplies that are required by Minera Panama, including for energy generation," the company said. Earlier this week, First Quantum reported that the protests blocking the port had reduced ore processing at its Cobre Panama mine, the first sign that the mine's output was at risk. On Thursday, the union for Minera Panama said it reached agreements with the company to ensure worker pay as protests kept some workers from reaching their jobs.

Persons: Senan, Eli Moreno, Brendan O'Boyle, Kylie Madry Organizations: Minerals, REUTERS, Aris, PANAMA CITY, Reuters, Minera, Aeronaval Service, CSL, Cobre, Thomson Locations: Panama, Donoso, PANAMA, Punta Rincon, Minera Panama, Panamanian, Cobre Panama

View of the Cobre Panama mine, of Canada's First Quantum Minerals, in Donoso, Panama, December 6, 2022. Panama has a long mining history but Cobre Panama is the first major new investment this century. There are now calls not just for the Cobre Panama mine to be closed but for Panama to shun all future mining as well. By the time detailed negotiations on a new contract started in 2021, the mine was already ramping up to full production. The tale of Cobre Panama is an object lesson in getting it wrong.

Persons: El Salvador, Rosalba O'Brien Organizations: Minerals, REUTERS, Aris, Quantum, Environmental, Panama's, Justice, Supreme, Canada, Swedish Sámi Association, European Union, Reuters, Thomson Locations: Panama, Donoso, Rincon, Cobre Panama, Canada, American, Europe, Serbia, Scandinavia, Russia, Panamanian

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. The disruption was caused by an "illegal blockade" of small boats at the mine's Punta Rincon port, the company said in a statement. The protests began after the Panamanian government and First Quantum signed a new contract on Oct. 20 for Cobre Panama, which contributes 1% to global copper production and 5% to Panama's gross domestic product. The demonstrators say the new terms are too generous to First Quantum and allege corrupt practices in its approval. A reduction of ore processing could potentially impact about 2% of Panama's national workforce, the company said, adding that two ore processing trains remain operational.

Persons: Sourasis Bose, Valentine Hilaire, Sriraj Kalluvila, Rosalba O'Brien Organizations: Minerals, REUTERS, Aris, Cobre, Reuters, Thomson Locations: Panama, Donoso, Rincon, Panamanian, Cobre Panama, Bengaluru, Mexico City

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. Two Panamanian prosecutors have deemed the contract unconstitutional after examining legal challenges submitted to the court. First Quantum did not reply to a request for comment on the future of the contract pending court proceedings. Panama's mining chamber has urged against canceling the contract, saying First Quantum could sue Panama for at least $50 billion. Another lawyer said the court could also move to declare parts of the contract unconstitutional, which would not annul it completely.

Persons: Maritza Cedeno, Ariel Corbetti, Corbetti, Juan Carlos Arauz, Arauz, Victor Baker, Valentine Hilaire, Divya Rajagopal, Elida Moreno, Denny Thomas, Marguerita Choy Organizations: Minerals, REUTERS, Aris, Jiangxi Copper Co, Reuters, Panama, Thomson Locations: Panama, Donoso, Jiangxi, China

Search resuls for: "Panamanian"

25 mentions found