Minera Panamá announces possible temporary suspension of operations

The company has reduced its operations to one ore processing train and expects to run out of supplies for the power generation plant approximately mid-week beginning today, November 20, 2023.
The mine’s overall economic contribution to the State of Panama is estimated at more than US$50 million per week.
Minera Panamá wishes to reiterate its willingness to open new spaces for dialogue in order to create lasting relations based on respect, cordiality, understanding and mutual benefit.

Panama City, Panama. Due to illegal blockades by small vessels that have taken place at the Punta Rincón international port – the landing site for materials and supplies used in the mine’s operation – Minera Panamá has reduced its operations to one ore processing train and expects to run out of supplies for the power generation plant approximately in the middle of the week beginning today, November 20, 2023.

The blockades are preventing the delivery of supplies needed to operate the power plant. Regardless of the needs of operations, the safety and well-being of Minera Panamá’s workforce is the company’s priority. Local authorities are present and continue to monitor and assess the situation to achieve a definitive return to maritime operations. If the illegal actions continue to impede the supplies needed to operate the power plant, the company will reduce the remaining processing train this week and temporarily suspend production.

In addition to the significant tax and royalty payments made by the company, the mine accounts for more than 2% of Panama’s total workforce and collaborates with local suppliers to the tune of almost US$20 million per week. The mine’s overall economic contribution to the State of Panama is estimated at more than $50 million per week, the equivalent of about 5% of GDP. This income could be affected if the operation of the mine does not continue. The company continues to reserve all of its local and international legal rights with respect to developments in Panama.

Minera Panamá wishes to reiterate its willingness to open new spaces for dialogue, in order to address the concerns of the various sectors of society, in order to create lasting relationships based on respect, cordiality, understanding and mutual benefit.