“From the environmental standpoint, it must be handled within the coming months,” Martinez-Acha Vasquez mentioned in an interview at a Council of the Americas occasion in Washington. “I can’t say what number of months, however we will probably be accountable and maintain a dialogue with the Canadians.”
First Quantum’s $10 billion mine was abruptly shuttered final yr after Panama’s Supreme Court docket dominated that its working contract was unconstitutional. Panama President Jose Raul Mulino has ordered an environmental audit of the mine to assist decide whether or not the ability could be reopened quickly.
“Regardless of the resolution, in an effort to shut it, it must be opened and operated for environmental causes,” Martinez-Acha Vasquez mentioned. “You’ll be able to’t depart an open-pit mine in these situations. We’re a accountable nation and we’ll discuss with the Canadian traders when the time comes.”
Vancouver-based First Quantum declined to remark.
The mine’s closure led to a deceleration of financial development, although the nationwide financial system nonetheless expanded roughly 3% within the first half of this yr, the minister mentioned. He mentioned the brand new authorities is “optimistic that we will preserve that proportion.”
In the meantime, the brand new authorities is tackling issues akin to water provide within the Panama Canal and social safety reforms, whereas working to rein in its fiscal deficit and preserve the nation’s funding grade credit standing, Martinez-Acha Vasquez mentioned. Panama was downgraded to junk in March by Fitch, however maintains funding grade from S&P World Scores and Moody’s Scores.
(By Michael McDonald and Jacob Lorinc)