Central America
Central America’s biggest mine faces closure over tax spat
| By AFP | Francisco Jara |
Rising up through the lush vegetation of Panama’s Caribbean coast, a 125-meter chimney serves as a beacon for helicopters approaching the largest mine in Central America, which faces closure next week over a contract dispute.
Gigantic 400-tonne trucks slowly wind around the stepped slopes of a massive gash in the earth one kilometer wide, the ochre and grey of the copper mine standing in stark contrast to the verdant jungle surrounding it.
The activity could grind to an expensive halt in a matter of days.
Canadian mining giant First Quantum Minerals has until next Wednesday to sign a new contract with the government, which is demanding the company multiply the taxes it pays by 10.
If the parties do not agree, the disagreement could halt the work of a mining project considered the largest private investment in Panama’s history, contributing four percent of the country’s GDP and 75 percent of export revenues.
“We have been given a deadline to sign the new contract by December 14, to accept the new terms,” First Quantum’s manager in Panama, Keith Green, who is Scottish, told AFP.
“We intend to reach an agreement, but negotiations are a bit deadlocked,” he added.
First Quantum, one of the largest copper miners in the world, began commercial copper production at the site in Donoso in 2019, through its subsidiary Minera Panama.
It has spent $10 billion on earthworks, construction buildings to house more than 7,000 employees, the purchase of heavy machinery, a power plant, a port for deep-draft merchant ships, access roads, and re-forestation plans.
‘Fair income’
President Laurentino Cortizo in January announced plans to toughen the conditions of the mining license, with a new contract that would oblige the mining company to pay “at least” $375 million to Panama annually — ten times what it is currently paying.
“Panama has the inalienable right to receive fair income from the extraction of its mineral resources, because the copper is Panamanian,” he said.
This mine is “the biggest in Central America,” producing 300,000 tons of copper concentrate per year, said Green.
The deposit, discovered in 1968, lies on the Caribbean coast, 240 kilometers by road from the capital Panama City.
The company, listed on the Toronto Stock Exchange, built the Punta Rincon International Port next to the mine to transport the copper by ship, due to a lack of roads connecting the Colon port, 40 kilometers (25 miles) away.
Despite the uncertainty over the mine’s future, activity has not slowed and the company has continued to invest in the site.
A new 200-tonne drilling rig — as tall as a three-story building — was inaugurated in a ceremony on Tuesday, causing heavy air traffic.
Helicopter pilot Oldemar Arauz explains that most officials visiting the mine prefer the one-hour air trip to the four-hour drive on a narrow road from the capital.
The drilling rig, made in the United States by the Swedish company Epiroc, cost $6 million, and was transported to the mine in 10 trucks.
“Latin America has 200 of these drills, 50 in Chile and now three in Panama,” said Epiroc’s Latin America manager Hans Traub.
The drill was assembled by Chilean engineer Alex Gonzalez, who previously worked in Chuquicamata, the world’s largest open pit copper mine, situated in the Atacama desert, which has been operating since 1915.
Central America does not have the same mining tradition seen further south. Mining is illegal in Costa Rica and El Salvador, and while there is much potential for growth in Panama, the industry’s future is now hanging in the balance.
Central America
Sheinbaum and Petro reaffirm solidarity with Panama after Trump’s remarks on Canal
Latin American leaders expressed their support for Panama and emphasized the nation’s sovereignty over the canal that connects the Atlantic and Pacific Oceans, following statements by U.S. President-elect Donald Trump, who suggested he might attempt to regain control of the waterway built across the Panamanian isthmus.
“The Panama Canal belongs to the Panamanians. Our solidarity and support go to the President of Panama and the people of Panama,” said Mexico’s President, Claudia Sheinbaum, during her regular morning press conference.
Colombian President Gustavo Petro also weighed in on the controversy, writing on social media X, “I will stand with Panama and defend its sovereignty to the last consequences.”
Sheinbaum and Petro reaffirmed their support for Panamanian President José Raúl Mulino, who strongly rejected Trump’s threats. The president-elect, who will take office on January 20, stated during a rally that the United States “foolishly” handed over the Panama Canal to its Central American ally.
The United States built much of the Panama Canal in the early 20th century in an effort to facilitate the movement of commercial and military ships across the transoceanic route, which it then administered for nearly 100 years.
Central America
El Salvador’s MARN monitors ongoing seismic activity in La Unión department
Seismic activity in the Conchagua area and its surroundings, located in the department of La Unión, continues to accumulate events, surpassing 1,350 aftershocks as of Wednesday morning, according to the Ministry of Environment and Natural Resources (MARN).
As of 6:00 AM on December 18th, a total of 1,351 earthquakes have been recorded, of which 176 were felt, according to the data published by the Ministry of Environment. The seismic activity in this area of the eastern part of the country began on December 8th after a magnitude 5.8 earthquake was recorded at 9:50 PM. The magnitudes of the aftershocks have ranged between 2.5 and 5.0.
The Ministry of Environment continues to monitor seismic activity in this region and throughout El Salvador to take appropriate measures and ensure the safety of the Salvadoran population.
Sports
Real Madrid clinches fourth Intercontinental Cup with 3-0 victory over Pachuca
Real Madrid crowned themselves champions of their fourth Intercontinental Cup on Wednesday, defeating Mexican club Pachuca 3-0 in Doha, thanks to goals from Frenchman Kylian Mbappé and Brazilians Rodrygo and Vinicius.
The ‘Merengues’ thus capped off a spectacular 2024 year, winning five titles. Before this success in Qatar, they had already claimed the Spanish League, the UEFA Champions League, and the Super Cups of Spain and Europe.
Mbappé, who made his return after a minor muscle injury, capitalized on a pass from Brazilian Vinicius in the 37th minute, who dribbled past goalkeeper Carlos Moreno, to finish from close range. It was the first shot on target for Real Madrid.
The team doubled their lead with another brilliant goal from Rodrygo, who feigned a shot to beat his defenders and created enough space to take a strike from the edge of the area, beating Moreno in the 53rd minute.
For a few moments, the goal was under review after Venezuelan referee Jesús Valenzuela was called to check a potential offside by Jude Bellingham.
However, the referee concluded that the Englishman did not interfere with the play and the goal was allowed.
Five minutes later, Belgian goalkeeper Thibaut Courtois had to use his hand to stop a dangerous ball, which Salomón Rondón almost put into the net.
Mbappé, who had scored a hat-trick in the 2022 World Cup final that was lost to Argentina’s Lionel Messi in the same Lusail stadium, left the pitch in the 62nd minute on the decision of Italian coach Carlo Ancelotti, who lifted his 15th title with the club—one more than the legendary Miguel Muñoz.
When it seemed like the players of Uruguayan Guillermo Almada had gained some initiative, Oussama Idrissi fouled Lucas Vázquez inside the area, and the penalty was reviewed via VAR.
Vinicius converted the spot-kick in the 84th minute with a low, powerful shot that Moreno touched but could not save.
The newly named FIFA Player of the Year had another chance to score, while Ángel Mena managed to head the ball into the net before the 90-minute mark, but his goal was ruled offside.
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