THE GOVERNMENT AND MINERA PANAMA HAVE REACHED AGREEMENTS IN ENVIRONMENTAL MATTERS

The Minister of Commerce and Industries, Ramón Martínez, stated that the mining company has accepted all the environmental proposals presented by the Government during the negotiations.

During the renegotiation of the concession contract for the Cobre Panama project, carried out by the State in collaboration with Minera Panama, now First Quantum Minerals Ltd, a series of agreements in the environmental domain have been reached, thus concluding the discussion on this topic at the negotiating table. According to the Minister of Environment, Milcíades Concepción, among the achieved agreements are highlighted:

1. Establishing an office within the mine concession area to oversee, control, and monitor environmental, labor, and other relevant activities.
2. Imposing the obligation to implement an ongoing maintenance program for all mining structures, infrastructures, and services related to the project.
3. Developing a Contingency Plan and implementing a real-time monitoring system with stations for a prompt response to environmental incidents or emergencies.
4. Creating a database on soil conditions.
5. Presenting a Mine Closure and Post-Closure Plan.

These agreements reflect the commitment of both parties to address and adhere to the environmental aspects related to the project, thus ensuring a responsible and sustainable approach to mineral resource exploitation.

The Minister of Commerce and Industries, Ramón Martínez, confirmed that the points discussed at the table were proposed by the Government and that the mining company accepted them without objections. Martínez emphasized that the designated team works closely in line with national interests, with the primary goal of maximizing the benefits derived from copper exploitation in this mine. The minister reiterated that copper belongs to Panama and is a symbol of our full territorial sovereignty. Furthermore, Martínez underscored that the Panamanian state commits to aligning mining contracts with international standards to ensure the best practices are followed in mineral extraction activities.

Regarding labor matters, Martínez informed that the next point to be discussed with Minera Panama will focus on labor negotiations. “Our proposal today was based on an initiative presented by the Minister of Labor, Doris Zapata, regarding labor aspects related to the percentage of foreign workers’ participation in this activity. These are the topics we are currently discussing, so I cannot provide a conclusion at this time,” stated the Minister of Commerce and Industry. To carry out the renegotiation, the Government of Panama has convened a high-level commission composed of government representatives, local negotiation experts, and a distinguished array of international experts.  COBRE PANAMA, MINERIA COBRE; FIRST QUANTUM; COBRE PANAMA, MINERIA COBRE; FIRST QUANTUM; COBRE PANAMA, MINERIA COBRE; FIRST QUANTUM;