Panamanian President José Raúl Mulino has firmly ruled out a new contract law for the Cobre Panamá mine, asserting that the mine belongs to Panama. Instead, he proposes a partnership to secure national sovereignty over the resource. The government plans to audit the project, contacting relevant companies and engaging in discussions to find a solution.
While the current legislature won't address the mine issue, Mulino emphasizes the need for dialogue to avoid imposing solutions, given the significant economic implications. International creditors and credit rating agencies are closely monitoring the situation. The abrupt suspension of the project has negatively affected thousands of workers and businesses.
Following the suspension of arbitrations by First Quantum Minerals, Panama aims to conduct an audit to assess the project's environmental and socio-economic impact. The government will seek multilateral financing for this audit and explore legal avenues to manage the copper concentrate remaining at the mine.