Latin America Mining – Page 8 – Republic of Mining

Panama’s Mining Future Is at a Tipping Point – by Cristina Guevara (Foreign Policy – November 21, 2023)

November 22, 2023

Home

Protestors want to kick out the country’s biggest investor and usher in a new era of environmental politics.

A contentious mining contract has plunged Panama into protest, triggering its most significant episode of social upheaval in decades. Since Oct. 16, the public has taken to the streets in historic numbers, with no signs of abating despite concessions made by the government.

At the center of this movement is the Cobre Panamá mine, one of the world’s largest copper mines and, notably, the largest private investment in Panama’s history. When the copper deposit was identified in 1968, it was described by one newspaper as an economic asset as great as the Panama Canal. The mine is operated by Minera Panamá, a local subsidiary of the Canadian company First Quantum Minerals (FQM) and also partly owned by South Korea’s state-run Korea Resources Corporation.

Ecuador-focused Adventus and Luminex to merge – by Cecilia Jamasmie (Mining.com – November 22, 2023)

November 22, 2023

https://www.mining.com/

Canadian juniors Adventus Mining (TSX-V: ADZN) (OTCQX: ADVZF) and Luminex Resources (TSX-V: LR) (OTCQX: LUMIF) are merging to create an Ecuador-focused copper-gold development company.

The transaction will see Adventus acquire Luminex, with Luminex shareholders receiving 0.67 of an Adventus share for each held. The combined company will continue to trade under Adventus’ name and ticker. The new firm will lead the advancement towards production of two main projects and consolidate a large exploration portfolio in the South American country.

First Quantum facing Panama mine shutdown this week, as Cobre Panama’s future rests on Supreme Court decision – by Niall McGee (Globe and Mail – November 21, 2023)

November 22, 2023

https://www.theglobeandmail.com/

First Quantum Minerals Ltd. says it will likely soon suspend production at its giant copper mine in Panama in the face of continuing protests, as its licence to operate hangs on an impending legal decision in the country.

Vancouver-based First Quantum has been in crisis mode since last month after Panamanian President Laurentino Cortizo announced that a referendum will be held on whether to repeal the law that legalized its latest mining contract.

Researchers bring the ‘Sudbury method’ to Peru, to help clean up mine waste (CBC News Sudbury – November 18, 2023)

November 20, 2023

https://www.cbc.ca/news/canada/sudbury/

Scientists say work in Sudbury to rehabilitate the landscape damaged by mining is recognized worldwide

Researchers from northern Ontario are in Peru where they are sharing their knowledge of what has become known as the “Sudbury method.” The Sudbury method refers to the community’s work over decades to rehabilitate a landscape damaged by mining and smelting.

“Sudbury has become recognized almost globally now for taking one of the most damaged landscapes on planet Earth and through a lot of work by citizens, community members, industry and government, turning it into actually a really, really nice place to live,” said Graeme Spiers, an emeritus professor in environmental and earth sciences at Laurentian University.

Leonardo DiCaprio backs Panamanians’ protests against First Quantum’s operation – by Staff (Mining.com – November 19, 2023)

November 20, 2023

https://www.mining.com/

Hollywood actor Leonardo DiCaprio has joined the demands of Panamanian activists asking for the shutdown of First Quantum Mineral’s Cobre Panamá copper mine.

Since mid-October, thousands of people have been protesting in different parts of the country against the recent approval of Cobre Panamá’s mining concession. They say they are worried about the potential environmental impacts of the giant operation and demand that the Laurentino Cortizo government repeals Law 406, which governs the concession and grants First Quantum the right to mine copper for 20 years, with the option of an additional 20 years. It also guarantees a minimum annual income of $375 million to the government.

Canadian mining company at centre of deadly Panama protests has no plans to scale back – by Pete Evans (CBC News Business – November 11, 2023)

November 14, 2023

https://www.cbc.ca/news/business/

Shares in First Quantum have dropped 40% since opposition to mining contract exploded recently

The Canadian mining company that controls a massive copper mine in Panama says it has no plans to alter its operations despite widespread local protests against the firm’s mining contract that have escalated and turned deadly.

Last month, Vancouver-based First Quantum Minerals Ltd. was awarded a contract to continue operations at a massive open-pit copper mine in Panama. The terms of that deal, which give the company the right to mine the site for at least the next two decades in exchange for $375 million US a year to the government, have become a flashpoint for local groups, some of whom oppose the mine plan for financial and environmental reasons.

Ganfeng Open to Mexico Venture to Revive Cancelled Lithium Mine – by Maya Averbuch and James Attwood (Bloomberg News – November 9, 2023)

November 14, 2023

https://www.bnnbloomberg.ca/

(Bloomberg) — Ganfeng Lithium Co. is open to forming a partnership with the Mexican government on a project that would turn the Latin American nation into a commercial producer of the battery metal and resolve a dispute over the asset.

While the Chinese firm is appealing the government’s August decision to cancel its concessions, an alternative is to form some kind of public-private partnership for a project valued at more than $1 billion, said the head of Ganfeng’s Bacanora Lithium unit. The suggestion comes as talks with Mexico’s government have stalled.

Rage Against Copper Producer Roils Markets, Panama Government – by Michael McDonald, James Attwood and Jacob Lorinc (Bloomberg News – November 9, 2023)

November 10, 2023

https://www.bnnbloomberg.ca/

(Bloomberg) — Panama’s ratification of a deal with a copper miner last month should have been a formality. Instead, it triggered nationwide protests that paralyzed the economy, destabilized the government and led to a nationwide ban on new mines.

The explosion of popular rage blindsided investors, forced authorities into a chaotic retreat and wiped out about $6.5 billion of value for shareholders of Canada’s First Quantum Minerals Ltd., a company regarded as a canny operator with decades of experience developing projects in Africa. A question mark now hangs over the future of its giant Cobre Panama mine.

Fierce community opposition to copper, lithium projects threatens energy transition – by Editor (Mining.com – November 9, 2023)

November 9, 2023

https://www.mining.com/

Nationwide protests against mining projects are once again grabbing headlines amid a sweeping sense of urgency from governments and communities to gain greater control over minerals and metals that are essential for the transition to a low-carbon economy.

While nothing new, resource nationalism has ignited high-profile disputes in recent weeks, with First Quantum’s struggles in Panama and lithium miners’ in Portugal the two most radical examples.

Protests against copper mine deal turn deadly in Panama – by Patrick Oppmann (CNN.com – November 8, 2023)

November 9, 2023

https://www.cnn.com/

CNN — Anti-mining protests that have roiled Panama for the last two weeks turned deadly on Tuesday when a man allegedly shot and killed two demonstrators, according to police.

A chilling video posted by bystanders on X, formerly known as Twitter, showed a disheveled elderly man apparently frustrated with the logjam trying to force the protestors to remove a barrier blocking the Pan American highway about 50 miles south of the capital, before pulling out a pistol and opening fire. Panama’s National Police later said they arrested the suspected gunman at the scene of the shooting.

China’s Ganfeng indefinitely postpones Mexican lithium target date amid gov’t spat – by Valentine Hilaire (Reuters – November 9, 2023)

November 9, 2023

https://www.reuters.com/

MEXICO CITY, Nov 9 (Reuters) – A recent government push to cancel Ganfeng Lithium’s concessions has forced the Chinese company to indefinitely postpone its target to start mining the battery metal in Mexico, a company executive told Reuters.

Mexican mining authorities have issued a notice to Ganfeng’s local subsidiaries indicating nine of its concessions had been canceled, saying it had failed to comply with minimum investment requirements, the company said in an August filing.

First Quantum shares up as Panama Congress leaves contract intact – by Cecilia Jamasmie (Mining.com – November 3, 2023)

November 3, 2023

https://www.mining.com/

First Quantum Minerals’ (TSX: FM) shares recovered some of the loses from the week on Friday after Panama’s congress eliminated an article in a mining Bill which would have voided the company’s multi-billion dollar copper mining contract.

Lawmakers on Thursday passed a revised Bill that blocks all future mining concessions, including exploration, extraction and transportation of minerals as well as contract renewals in the Central American country. The provision to revoke First Quantum’s contract was eliminated and the National Assembly referred the agreement, enshrined in Law 406, to the country’s Supreme Court for a ruling.

First Quantum to Keep Churning Out Copper Despite Panama Turmoil – by James Attwood and Jacob Lorinc (Bloomberg News – November 2, 2023)

November 3, 2023

https://www.bnnbloomberg.ca/

(Bloomberg) — First Quantum Minerals Ltd. expects to continue operating a giant copper mine in Panama despite efforts to repeal its contract there, according to a person close to the company.

Even if lawmakers or the courts revoke a contract signed recently with the government, the Canadian company can keep mining at the Cobre Panama site as it seeks to restart negotiations for new terms, the person said.

First Quantum faces ‘shocker’ in Panama as president calls referendum on Cobre Panama contract – by Niall McGee (Globe and Mail – October 31, 2023)

October 31, 2023

https://www.theglobeandmail.com/

First Quantum Minerals Ltd.’s ability to continue operating in Panama is uncertain, after the country’s president called a referendum over a recently approved contract for the Canadian company’s Cobre Panama mine.

The government of Panama signed the new 20-year Cobre Panama contract into law just over a week ago, after reaching a tentative agreement with the Vancouver-based miner earlier in the year. The deal would result in First Quantum paying drastically higher Panamanian taxes.

Panama calls referendum on First Quantum copper mine contract – by Michael McDonald and Thomas Biesheuvel (Bloomberg News – October 29, 2023)

October 30, 2023

https://www.bnnbloomberg.ca/

The future of one of the world’s biggest and newest copper mines has been cast into doubt after Panama’s government said it will hold a referendum on the project as it attempts to quell mass unrest.

The Cobre Panama mine, built and operated by Canada’s First Quantum Minerals Ltd., has become a political flash-point in the Central American country. President Laurentino Cortizo, seeking to appease opponents of the mine, said Sunday that a national vote would be held on Dec 17. on whether to revoke the company’s license.