Trade and Economic Affairs Committee of the National Assembly visits Cobre Panamá

Donoso, September 19, 2023 – The Trade and Economic Affairs Committee of the National Assembly of the Republic of Panama visited the Cobre Panama mine as part of the actions to learn first hand and verify the conditions and operations of the mine.

The delegation consisted of HD Roberto Abrego, HD Ariel Alba, HD Federico Lau (Alternate for Victor Castillo), HD Elias Vigil, HD Alain Cedeño and HD Juan Diego Vásquez.

Accompanying the deputies were Minister Federico Alfaro of the Ministry of Commerce and Industries (MICI) and Vice Ministers Fernando Castillero of the Ministry of Labor and Labor Development (MITRADEL) and Diana Laguna of the Ministry of Environment (MIAMBIENTE). Members of the technical teams of the MICI and MIAMBIENTE also participated.

During the visit, the representatives of the National Assembly had the opportunity to observe mining operations up close and verify compliance first hand.

The purpose of this visit was to obtain detailed information on the economic and social impact of the Cobre Panama mine on the country’s development, as well as to verify compliance with established environmental and labor standards.

The visit included a tour of the pits, the processing and flotation plant, where they were able to learn about the copper extraction process and the separation of the rock. They also flew over the tailings management facilities, which are essential for safely storing the remaining material after copper extraction, in compliance with national and international standards.

The deputies also visited the port area and the power plant, where they observed the presence of multiple government institutions in charge of supervising the mineral export process. These institutions have dedicated offices and officials in the area, ensuring compliance and proper documentation throughout the export process.

In addition, information was provided on environmental management practices and the reforestation plan, with a nursery, which produces one million seedlings of native species to comply with reforestation programs. To date, 4,300 hectares have been successfully planted.

Alan Delaney, General Manager, and representatives from areas such as External Affairs, Legal, Environment, Communities, among others, were present on behalf of Minera Panamá.

Under the new contract, the Panamanian State will receive US$750 million in royalties and taxes, of which 50% of the funds will be allocated to the IVM Program of the Social Security Fund.

Cobre Panama is a world-class copper mine located in the Panamanian province of Colon. It is one of the largest mining projects in Latin America and has been developed by Minera Panama, a subsidiary of First Quantum Minerals Ltd.