HomeMarket NewsMiningPanama completes process of mining concession cancellations

Panama completes process of mining concession cancellations

Actionable Trade Ideas

always free

โ€œCompliance with Law 407 that established the mining moratorium for metallic materials has been fully [completed]. The [commerce and industries ministry] complied with its implementation,โ€ minister Jorge Rivera Staff told newspaper La Prensa.

The minister pointed out that some companies are preparing โ€˜legal actionsโ€™ against the annulment of their concessions.

In March, the ministry reported to the national assembly that 82 applications for metallic minerals exploration had been rejected to comply with the law, as reported by La Prensa.

In December, the ministry rejected Orla Miningโ€™s request to extend the three concessions for its Cerro Quema gold and silver project and declared the cancellation retroactive. Consequently, the Canadian company notified the government in early April of its intention to initiate arbitration.

Staff mentioned being aware of arbitration considerations communicated by First Quantum regarding the closure of its Cobre Panamรก copper mine.

Four intentions are tied to investment, while one relates to trade, bringing the potential international mining lawsuits against Panama to six.

He also responded to comments from First Quantumโ€™s CEO, Tristan Pascall, who mentioned that they expect to receive, after the elections on May 5, 2024, the permit to export the 121,000 tonnes of copper concentrate stored at the mine.

โ€œThis is part of a media campaign that the company is conducting regarding the concentrate, but we are carrying out technical analyses on the concentrate,โ€ said Staff.

;libID=4115699
blank

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.