Cobre Panama submits updated preservation and safe management plan, incorporating the considerations sent by the MICI

Panama, April 4, 2024- Cobre Panama, in compliance with the request of the Ministry of Commerce and Industries (MICI), submitted a timely update of the Preservation and Safe Management Plan on March 26 of this year.

In addition, Cobre Panama has provided the MICI with a detailed report on the status of the copper concentrate stored at the site, which was processed prior to the suspension of operations. Normally, copper concentrate – a product of mining operations – is exported quickly to ensure its stability and safety. However, due to prolonged storage pending export authorization, increased drying and chemical reactions that produce hazardous gases and elevated temperatures are being observed in monitoring, posing significant health, safety and environmental risks. Immediate movement of the material is critical to mitigate these risks. Cobre Panama will export the copper concentrate as soon as it obtains the corresponding authorization from the government.

In response to these concerns and highlighting our commitment to environmental preservation, Cobre Panama has committed to allocate the proceeds from the sale of the concentrate towards the costs of the site’s Preservation and Safe Management Plan, which amount to between US$15 million and US$20 million per month.

Transparency and cooperation are fundamental elements of our approach to the responsible and safe management of this situation, seeking the benefit of all parties involved.

For more information, visit transparenciacobrepanama.com. We are committed to the disclosure of clear and transparent information.