Panama’s Assembly looks to revoke contract for Canadian mining company after public outcry

by KATHIA MARTÍNEZ, JUAN ZAMORANO and DANIEL SHAILER
Associated Press

PANAMA CITY (AP) — Panama’s government has nearly approved a new bill revoking a controversial mining contract. A Canadian company’s local subsidiary had been approved for at least 20 years more mining two weeks ago. The move sparked nationwide outrage and protests. Critics say killing the contract could leave the government liable to legal action from the mining company. But environmentalists insist the mine would have threatened a crucial wildlife corridor, drinking water and an already drought-stricken Panama Canal. There were also eight constitutional lawsuits against the mine, and a proposed referendum pending Assembly approval. In the face of these challenges, First Quantum’s Canadian shares plummeted 47% since markets opened this week.