Cobre Panama submits to the MICI the initial preservation and safe management plan

Panama, January 17, 2024 – Cobre Panama submitted an initial Preservation and Safe Management Plan (“the Plan”) to the Ministry of Commerce and Industry (MICI) yesterday. The Plan is based on our unique knowledge of the site and will be continually updated as planning and preparedness requirements evolve.

The Plan takes into account the abrupt and unusual stoppage of operations prior to the end of mine life, which has required the inclusion of additional activities and steps to maintain safety and environmental integrity. These are the key elements of the proposal:

– Pit activities: Addresses open pit preservation, geotechnical monitoring, drainage and erosion control, acid drainage control, waste dump rehabilitation, storm water management, and handling of 215 tons of emulsion (blasting/explosives inputs). Machinery and equipment requirements are specified.

– Preservation of equipment and buildings: activities include the preservation in good condition of the processing plant and mobile equipment, among others.

– Tailings management: geotechnical quality assurance and control, erosion control required for earthworks, technical services and operation of seepage collection facilities.

– Punta Rincón Power Plant and International Port: maintenance and operation of the power plant, supplying direct power to the mine for preservation activities. The power plant also has the potential to provide significant support to the grid during the current drought, helping to alleviate pressure on hydroelectric plants and reducing energy prices in the country.

– Copper concentrate: Management of more than 120,000 tons of copper concentrate stored on site. Prolonged storage can increase the temperature in the concentrate pile, which could create ignition hazards. In addition, this could result in the release of copper sulfide dust and harmful gases such as hydrogen sulfide. Therefore, it is crucial to transport this concentrate off-site to mitigate these risks.

– Environmental management: the Socio-Environmental Impact Assessment (EIA), ground stability measures, auditing and reporting, site-wide monitoring, waste management and biodiversity preservation are key areas of focus.

– Safety Management: prioritization of occupational safety, emergency response plans, risk identification and mitigation programs, and free and uninterrupted transit by road and through the port are key to the delivery of supplies needed to carry out the plan.

– Personnel: approximately 1,400 workers will be needed to implement the Plan and there will be further inevitable reductions in the number of workers thereafter.

– Financial Aspects: the activities contemplated in the Plan entail costs estimated in the tens of millions of dollars per month that require continuous sources of financing that must be defined in a timely manner to guarantee the Plan’s objectives and sustainability.

This integrated approach prioritizes the well-being of the surrounding communities, the environment, and the personnel and assets at the mine site.

To learn more, visit transparenciacobrepanama.com.