ISLP is proud to be coordinating legal assistance to the Panamanian government in connection with its negotiation of a new concession contract for the Cobre Panama copper mine, the largest foreign direct investment in Panama’s history. Panama’s Supreme Court invalidated the original 1997 law that approved the contract for the concession with Minera Petaquilla, S.A. (currently Minera Panama S.A. – a subsidiary of First Quantum Minerals, Ltd.) due to errors in the legislative process that led to its approval. Through this negotiation, the Panamanian government is hoping to get a better deal both for its people and for the environment. It wishes to ensure that a greater portion of the proceeds from
Cobre Panama benefit the citizens of Panama – consistent with comparable foreign investments – as well as to mitigate potential environmental harms connected with the mine’s eventual decommissioning.
With support from the United Nations Development Program, ISLP has organized volunteers from long-time partner firm Hogan Lovells to advise the government of Panama on the legal side of the agreement. Additional partners include the CONNEX Support Unit, which is providing assistance on the financial and economic components of the negotiation, and the Panamanian Ministry of the Environment, which is negotiating the environmental and technical components of the new agreement.
We are optimistic that ISLP’s support will help to advance the interests of the people of Panama, and are grateful to our volunteers and to the other partners in this process.