Cobre Panama opens a voluntary retirement program for its employees and urges the government to set a roadmap for the program.

Panama, December 4, 2023 – With the publication of the Supreme Court of Justice (CSJ) ruling on the unconstitutionality of Law 406 of 2023, which prevents Cobre Panama’s operations, the situation of the collaborators has changed and new questions have arisen, which require clarification from the Government. These issues, along with others that are key to environmental safety and site protection, remain unanswered, and the company urges the Government to open a dialogue on the transition plan.

Understanding the concerns of employees and other stakeholders, and in the absence of the necessary information from the authorities on the steps to follow, Cobre Panama has signed an agreement with the majority union, UTRAMIPA, to open a special voluntary retirement program for those employees who wish to request it. This mutual agreement includes the payment of the money legally owed to them.

The company reserves the right to accept applications from workers by mutual agreement, as some of the jobs will still be required for the care and maintenance (non-operational) phase of the mine. For this reason, the voluntary program will not be offered to all employees.

Until there is a clear roadmap established by the government, it will not be possible to determine how many employees will ultimately be able to continue working in the company in care and conservation (non-operational) tasks, a key factor in avoiding future environmental disasters.

Cobre Panama reiterates its willingness to engage in an open and constructive dialogue with the Government to address these and other concerns.