Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
The Panama unit of Canadian miner First Quantum Minerals said Wednesday that it will present to government officials the first phase of its mine preservation plan on Jan 16, according to a statement, after its project was ordered closed last year.
The Cobre Panama project, one of the world’s largest open-pit copper mines, was forced to shut down after Panama’s top court ruled that its contract was unconstitutional, following nationwide protests opposed to its continued operation.
The plan should “ensure physical and chemical stability related to mining facilities and environmental management,” including personnel requirements, monitoring and evaluation tasks, according to the company statement.
The company added that an interagency government commission will first conduct a technical inspection on Jan. 11, as part of the commerce and industry ministry’s action plan for the mine’s closure.
Under best international practices, the orderly closures of such mining projects, including planning for and preparing methods to ensure the mine’s environmental stability going forward, normally take years to complete, according to the company.
(By Elida Moreno; Editing by Brendan O’Boyle)
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