Panama launches maintenance work at contested mine
Central America's biggest copper mine, the Canadian-owned Cobre Panama pit, closed in 2023 following weeks of crippling protests over its environmental impact.
Maintenance will be carried out by a subsidiary of Canada's First Quantum Minerals "to prevent environmental damage" from materials stored at the mine, Trade and Industry Minister Julio Molto told a news conference.
"This decision (...) does not imply the reactivation of the mine," Molto said.
First Quantum Minerals said it would finance the work by exporting 121,000 tonnes of copper concentrate stored at the site since it closed down.
Panama's President Jose Raul Mulino said last month that his government was working toward reopening the mine, without clarifying how he plans to tackle legal hurdles.
The country's Supreme Court ruled in November 2023 that a contract allowing First Quantum Minerals to continue operating the site was unconstitutional.
Environmentalist Raisa Banfield criticized Friday's announcement as the Canadian giant "can't manage the mine."
She called for an external audit to "establish the definitive closure plan."
Cobre Panama, which began operations in 2019, had produced about 300,000 tonnes of copper concentrate a year, representing 75 percent of the country's exports and about five percent of its national economic output.
It employed around 37,000 workers directly and indirectly.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
France 24
10 hours ago
- France 24
Sahel juntas pile pressure on foreign mining firms
Niger's nationalisation of the local branch of French uranium giant Orano on Thursday is the latest such measure by the junta and its allies in Burkina Faso and Mali. In particular the coup-hit trio, which have all turned their backs on their shared former colonial master France in favour of stronger ties with Russia, have placed Western firms firmly in their sights. - Tug-of-war - Niger's nationalisation of Orano's local branch Somair has brought a months-long struggle with the French firm to a peak. Orano, which is 90-percent owned by the French state, had already admitted to having lost operational control of its subsidiary months ago. Meanwhile in Mali, Canadian giant Barrick Mining is locked in a tug-of-war with the army over a mining code that came into force in 2023. The military is demanding hundreds of millions of dollars of back taxes from the firm. Barrick has since lost control of Loulo-Gounkoto, the country's largest gold mine, in which the Canadian firm holds a majority stake. In November 2024, Malian soldiers arrested the director of Australia's Resolute Mining, along with two employees. All were subsequently released after Resolute agreed to pay the junta $160 million in exchange. Other mine companies such as Canada's allied Gold, B2Gold and Robex had previously agreed to review their activities and pay to settle their tax or customs dispute. And in 2023 Burkina Faso seized 200 kilograms (440 pounds) of gold produced by a branch of Canada's Endeavour Mining on "public necessity" grounds. End of resource sell-out For the juntas, the point of the push against foreign mining companies is to reestablish sovereignty and control over their national resources. Where they believed the Sahel's resource riches were previously sold out to foreigners, and to the West in particular, today the army leaders promise their people that ordinary citizen will receive a greater share of the profits from the wealth under their feet. Niger produces nearly five percent of the world's uranium. Gold makes up a quarter of Mali's national budget. And Burkina Faso's gold production contributes around 14 percent of the country's revenues, according to official statistics. "The population sees this as a push to free states which were previously, according to the new authorities, subservient to Westerners and therefore foreign interests," said Jeremie Taieb, director of consulting firm Tikva Partners. This rejection therefore "helps to satisfy public opinion and nurtures a narrative that allows those in power to keep it", Taieb added. All three countries are plagued by jihadist violence, which has claimed thousands of lives across the region. Besides economic sanctions imposed on the juntas in the wake of the coups, "the pressures exerted to fund the fight against terrorism" provide as good a reason as any "to extract more income from the sector", said Beverly Ochieng, an analyst at Control Risks. International arbitration attempts To fight back against the juntas, the mining industry has looked to international arbitration. Barrick has turned to the International Centre for Settlement of Investment Disputes (ICSID), part of the Washington-based World Bank. France's Orano has launched various lawsuits against the state of Niger, accusing the junta of a "systematic policy of stripping mining assets". In a statement Friday evening, the day after Niger announced its intention to nationalise its subsidiary, the firm said it "intends to claim compensation for all of its damages and assert its rights over the stock corresponding to Somair's production to date". - Russians, Chinese gain upper hand - For Taieb, this "legal instability" in the Sahel could drive investors towards countries with a more reliable business backdrop. But for Control Risks' Ochieng, "foreign firms will probably continue to engage with administrations in the Sahel... as mining assets represent a hefty and long-term investment". In any case the countries that stand to gain most from the current climate are Mali, Niger and Burkina Faso's so-called "security partners" -- especially Turkey, China and Russia. On Monday, Mali and Russia began construction work on a new gold refinery in the Malian capital Bamako. Moscow has also sent mercenaries from its paramilitary Africa Corps to the Sahel country to help fight jihadists. For the Russians, the deal is "minerals for weapons, in the same way that for the Chinese, it's minerals for infrastructure", said Taieb.
Fashion Network
16 hours ago
- Fashion Network
Authentic Brands appoints Amazon executive to lead marketplace growth
Authentic Brands Group (ABG), one of the most active global players in fashion brand acquisitions in recent years, has just named a new head of marketplaces: Tim Derner. The seasoned executive officially stepped into the role in early June, following a 13-year tenure at Amazon. Derner previously led Amazon Fashion and its Luxury Stores division, where he played a key role in expanding the platform's brand portfolio. During his time at Amazon, he helped bring major ABG-owned labels—including Reebok, Brooks Brothers, Eddie Bauer, and Aéropostole—to global digital audiences. Under Derner's leadership, Amazon Fashion experienced significant growth. In a message to colleagues upon his departure, he reflected on milestones such as onboarding heritage brands like Coach, Michael Kors, Kate Spade, Champion, Victoria's Secret, Tommy Hilfiger, Calvin Klein, and Shein. He also helped launch the Luxury Stores offering with names like Dolce & Gabbana, Balmain, Stella McCartney, and Off-White. 'I'm also proud to have helped bring Nike back to Amazon before I left,' he noted. At ABG, Derner is tasked with strengthening the group's global distribution channels by expanding marketplace partnerships, enhancing brand reach, and driving value across platforms. He reports to Matt Maddox, president of ABG, and will work closely with chief digital officer Adam Kronengold and Jarrod Weber, president of the sports and lifestyle division. 'Marketplaces are a critical engine for long-term brand growth,' said Maddox. 'Tim's experience in building high-performance teams and scaling marketplace operations globally makes him the ideal leader to elevate our capabilities. His appointment marks a pivotal moment in turning this channel into a cornerstone of our global distribution strategy.' Derner's arrival is expected to help ABG sharpen its international approach by tailoring global strategies to meet local market needs. ABG, recognized for its licensing expertise, holds the rights to around 50 brands. Its portfolio spans both premium names—such as Barneys New York, Vince, Neiman Marcus, and Saks Fifth Avenue—and mainstream labels like Quiksilver, Billabong, Sperry, Hunter, and Ted Baker. The company works with producers and distributors to scale these brands across markets and claims to generate over $32 billion in annual retail sales.
Fashion Network
16 hours ago
- Fashion Network
Malabar Gold expands presence in Canada with store in British Columbia
Malabar Gold & Diamonds has strengthened its retail presence in Canada with the opening of its second showroom at Surrey, British Columbia. The store located at Payal Business Centre in Surrey showcases an exclusively curated collection of over 20,000 jewellery designs across exclusive brands from Malabar Gold. Malabar Gold plans to further expand its presence in the Canadian market by opening stores in Ajax, Calgary, Vancouver, and Montreal. Commenting on the store launch, M P Ahammed, chairman of Malabar Group in a statement said, 'Malabar Gold is proud to expand our presence in Canada with the launch of our 2nd showroom in Surrey. Our dedication to delivering an exceptional jewellery shopping experience, encompassing top-quality products and exemplary service, has been the driving force behind our ascent as one of the most premier international jewellery retailers.' Shamlal Ahamed, managing director international operations at Malabar Gold added, 'We launched our first showroom in Canada at Mississauga, Ontario in 2023, and since then, Malabar Gold & Diamonds has rapidly established itself as a key player in the country's jewellery landscape. We have charted an aggressive expansion plan for Canada, with work underway to launch our 3rd showroom in Ajax. More showroom openings are planned in Calgary, Vancouver, and Montreal as well in the near future.' Malabar Gold claims to be the 5th largest jewellery retailer globally with 402 showrooms across 13 countries.
