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Weekly Report - 30 November 2023 (WR-23-48)

PANAMA: CSJ ends speculation over major mine

Panama’s supreme court (CSJ) has struck down the recently approved revised contract between the government led by President Laurentino Cortizo and the Panamanian subsidiary Minera Panamá S.A. (MPSA) of Canadian mining company First Quantum Minerals (FQM) regarding Cobre Panamá, the country’s biggest mine. The CSJ’s decision has been hailed as a “triumph for the people” by environmental groups such as Centro de Incidencia Ambiental (Ciam) which have been staging nationwide protests in recent weeks demanding its repeal, citing environmental and other concerns [WR-23-45]. However, it will have a big impact on Panama’s economy (the copper mine accounts for some 5% of the country’s GDP) as well as dealing a major blow to its hitherto investor-friendly image, with international credit ratings agencies having already downgraded Panama’s outlook citing uncertainty over the mine [WR-23-43].

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