Panamanian President José Raúl Mulino declared that the state will directly manage the Cobre Panamá mine, following the suspension of international arbitration proceedings with First Quantum. This decision eliminates the need for a new contract or legislative approval, as the government intends to operate the mine itself, with a third-party technical partner.
Mulino firmly rejected the possibility of a new mining contract, emphasizing that the mine's ownership belongs to Panama. He stated that the state will handle the administration and operation while an external entity will manage the technical aspects. This approach bypasses the usual legislative process, as it avoids creating a new contract or law.
The president's rationale emphasizes the need for Panama to directly benefit from the mine's economic output. He dismissed concerns about his decision being arbitrary, asserting the importance of coherent governance and prudent management of national assets.
Mulino explicitly stated that the government's plan will not require approval from the National Assembly, as it's not a contract with a third party but rather a government operation of the mine. He anticipates informing the public about the new management structure that will be implemented.