Investing

“Quantum Shaken as Court Blasts Cobre Panama Unconstitutionality”

The local constitution has recently placed huge limits on the government’s continued partnership with the mining firm First Quantum Minerals. Just recently, the Supreme Court of Panama ruled the contract between the government and First Quantum Minerals regarding the Cobre Panama mining project as unconstitutional.

This discussion began last year when the Association of Engineering Professionals of Panama (APEP) brought a lawsuit against the Panama government. In accordance with the current national constitution, the Professional Associations are entitled to a percentage of all large-scale projects. The suit was that the Panama government did not pay the dues of 0.75% of the budget allocated to the mining project, making the contract essentially null and void.

The Supreme Court of Panama ruled in favor of APEP, and decided that the Panama government must pay the necessary dues or their contract with First Quantum Minerals will be dissolved. This decision follows Panama’s constitution and ensures that the rights of all Professional Associations are respected.

This ruling marks a huge win not only for the APEP but for Panama’s smaller and more vulnerable communities, as it ensures that power is not easily concentrated by a few. This decision will open up market opportunities for smaller businesses and create a more competitive and equitable environment for companies of all sizes.

The Supreme Court’s ruling is yet another sign of the increased protection and recognition that the Panama government is giving to its citizens. This decision is set to provide citizens with much needed economic safety and security, allowing the people to develop a better understanding of their rights and limitations.

This verdict is a huge reminder of the importance of upholding the constitution in order to protect the fundamental rights of all citizens. It demonstrates the commitment of Panama’s government to the protection of its people, and sets an example for other governments to follow.

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