On the sixth day of protests against the recent approval of the mining concession for the Cobre Panam谩 copper mine, activists broke into the Punta Rinc贸n International Port, in the northern Col贸n province, which is used by Minera Panam谩 to ship copper abroad.
The protesters arrived on a speedboat chanting slogans against the mine but were later escorted out by a patrol from the National Aeronaval Service.
Right after the incident, which took place on Saturday, the subsidiary of Canada鈥檚 First Quantum Minerals (TSX: FM) issued a deeming the protesters鈥� incursion as 鈥渧iolent and illegal.鈥澛�
鈥淲e are deeply worried about this incident, which represents a significant threat to our operations and the safety of our staff,鈥� the communiqu茅 reads. 鈥淲e call on the relevant authorities to safeguard the wellbeing of our workers, protect our facilities and preserve the integrity of our business operations.鈥澛�
Massive protests started earlier in the week and have spread through the capital city and several other provinces, as Panamanians express concern over the potential environmental impacts of Cobre Panam谩.
According to , some of the demonstrations in Panama City have gathered over 50,000 attendees, with the latest one adding up to 20,000 people. Organizers are using the rallying cry 鈥済et off social media鈥� so that people physically join these events.
Their main demand is that the Laurentino Cortizo government repeal Law 406, which governs the mining concession and was published in the Official Gazette of Panama on October 20, 2023. The legal instrument contains the operation鈥檚 new contract, which grants First Quantum the right to mine copper for 20 years, with the option of an additional 20 years. It also guarantees a minimum annual income of $375 million to the government.
Protesters are also calling for a shutdown of Cobre Panam谩 through a gradual closure plan.
Official responses
In response to the social pressure, President Cortizo announced on Friday a ban on new metal mining concessions and said he was open to 鈥渢alking鈥� about First Quantum鈥檚 mining contract.
Prior to this, Panama鈥檚 Supreme Court said on Thursday that it would consider a lawsuit which alleges that the nation鈥檚 contract with First Quantum violates the constitution.
The court said in a statement that it would issue an opinion on the lawsuit within 10 business days. If it then proceeds, it will request written arguments from attorneys representing both sides. From there, it would advance to the magistrates for a ruling.
Last December, the Panamanian government ordered First Quantum to halt operations at Cobre Panam谩 amid disagreements during contract negotiations, which later broke down. Talks eventually resumed and the parties reached an agreement in March. The company estimated that the two-month suspension caused up to $8 million in losses per day.
The mine, which started commercial production in 2019, is First Quantum鈥檚 top money-maker and accounts for about 1.5% of global copper output. At full capacity, it can process 85 million tonnes of ore annually and produce more than 300,000 tonnes of copper each year. Gold, silver, and molybdenum are also recovered.聽
Currently, the complex includes two open pit mines, a processing plant, two 150MW power stations and a port.