Reuters | January 4, 2024
Cobre Panama copper mine. (Image courtesy of Franco-Nevada assets handbook.)
The union representing workers at First Quantum’s copper mine in Panama on Wednesday warned of another union’s plan to “invade” the site next week, the latest face-off over the now-shuttered mine that provoked nationwide protests last year.
The UTRAMIPA miners’ union said in a statement it was “worried” by the plans of the Suntracs construction workers union, the largest in the country, to force its way into the Canadian miner’s operation on Jan. 9.
First Quantum in late November suspended commercial production at the mine and put it into care and maintenance, but the company still has equipment and workers at the site.
Suntracs, which does not represent the mine’s workers, in recent months led protests against First Quantum and backed blockades that strangled the mine’s ability to bring in supplies.
A Suntracs spokesperson said on Wednesday it would “symbolically close” the mine on Jan. 9, a national holiday commemorating anti-US demonstrations in 1964 over the sovereignty of the Panama Canal zone in which more than 20 Panamanians were killed.
“We’re calling all Panamanians to come with us, to go where our sovereignty was violated,” Suntracs union leader Saul Mendez said in a press conference late last month.
The miners’ union said Suntracs had entered the site by force in 2016 and 2018.
First Quantum did not immediately respond to a request for comment on the plans for the Jan. 9 protests at the mine.
Panama’s Supreme Court in late November ruled First Quantum’s lucrative contract to operate in the country unconstitutional, prompting the government to order its “definitive” shutdown.
The mine had previously accounted for some 5% of Panama’s gross domestic product, but became a flashpoint as previously small anti-mining protests grew into a larger anti-government movement.
The mine’s union called for aid from the government in protecting the site, citing previous incidents of violence against workers and the need to avoid an environmental disaster.
Union leader Michael Camacho said that they had yet to receive a response from authorities and that First Quantum had not given instructions to ensure workers’ safety.
(By Valentine Hilaire, Eli Moreno and Kylie Madry; Editing by Jamie Freed)
First Quantum said to be in talks with Jiangxi over Zambian mines
Cobre Panama copper mine. (Image courtesy of Franco-Nevada assets handbook.)
The union representing workers at First Quantum’s copper mine in Panama on Wednesday warned of another union’s plan to “invade” the site next week, the latest face-off over the now-shuttered mine that provoked nationwide protests last year.
The UTRAMIPA miners’ union said in a statement it was “worried” by the plans of the Suntracs construction workers union, the largest in the country, to force its way into the Canadian miner’s operation on Jan. 9.
First Quantum in late November suspended commercial production at the mine and put it into care and maintenance, but the company still has equipment and workers at the site.
Suntracs, which does not represent the mine’s workers, in recent months led protests against First Quantum and backed blockades that strangled the mine’s ability to bring in supplies.
A Suntracs spokesperson said on Wednesday it would “symbolically close” the mine on Jan. 9, a national holiday commemorating anti-US demonstrations in 1964 over the sovereignty of the Panama Canal zone in which more than 20 Panamanians were killed.
“We’re calling all Panamanians to come with us, to go where our sovereignty was violated,” Suntracs union leader Saul Mendez said in a press conference late last month.
The miners’ union said Suntracs had entered the site by force in 2016 and 2018.
First Quantum did not immediately respond to a request for comment on the plans for the Jan. 9 protests at the mine.
Panama’s Supreme Court in late November ruled First Quantum’s lucrative contract to operate in the country unconstitutional, prompting the government to order its “definitive” shutdown.
The mine had previously accounted for some 5% of Panama’s gross domestic product, but became a flashpoint as previously small anti-mining protests grew into a larger anti-government movement.
The mine’s union called for aid from the government in protecting the site, citing previous incidents of violence against workers and the need to avoid an environmental disaster.
Union leader Michael Camacho said that they had yet to receive a response from authorities and that First Quantum had not given instructions to ensure workers’ safety.
(By Valentine Hilaire, Eli Moreno and Kylie Madry; Editing by Jamie Freed)
First Quantum said to be in talks with Jiangxi over Zambian mines
Cecilia Jamasmie | January 5, 2024
The Sentinel open-pit copper mine. (Image courtesy of First Quantum Minerals.)
Canadian miner First Quantum Minerals (TSX: FM), which is reeling from the forced closure of its flagship copper mine in Panama, is said to be in talks to sell a stake in its Zambian operations to help shore its finances.
A person familiar with the matter told Reuters on Friday that Chinese state-owned Jiangxi Copper Corporation has already approached First Quantum on the matter, but that no agreement has been reached so far.
The Vancouver-based miner is the sole owner of the Sentinel copper mine and has a 80% stake in the Kansanshi mine, both in Zambia.
Jiangxi, First Quantum’s top shareholder, is said to be evaluating the acquisition of one of the two mines or a stake in one of them, according to the report.
First Quantum’s presence in Zambia, Africa’s second-largest copper producer, also includes the Fishtie copper project, near the border with the Democratic Republic of Congo.
The companies, which have been exploring the asset since 2012, recently announced it would speed up development with the goal of beginning production in 2026.
The news adds to several other rumours about First Quantum’s future, which include an alleged takeover in the making by fellow Canadian miner Barrick Gold (TSX: ABX), (NYSE: GOLD).
The gold giant has been expanding into copper as of late as it aims to double production of the metal to 1 billion pounds by 2031. It has already committed $2 billion to the development of the Lumwana super pit expansion in Zambia, and has a stake in the Reko Diq mine in Pakistan, expected to be one of world’s 10 largest when it reaches production in 2028.
First Quantum said it plans to provide an update on the company’s plan to meet its debt obligations by the end of January.
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