What to make of the copper mine protests in Panama? An expat's perspective
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- čas přidán 19. 06. 2024
- I sat down with Calvin to get his on-the-ground perspective on the current protests in Panama with regards to the First Quantum Minerals mine and the potential implications on Panama as an expat jurisdiction.
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00:00 What is happening in Panama?
04:20 What is in the First Quantum Minerals contract that everyone is protesting?
09:40 What will the Panamanian government do?
12:38 What are the implications of this crisis for Panama from a fiscal point of view?
17:30 Potential implications for expats in Panama
23:20 Implications for the real estate market in Panama
26:50 Are expats leaving Panama?
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Hi there.. I am going to give you my take on this as a panameño who loves the country. The mining contract was the cherry On top of the cake. The mine has been operating illegally all this time just in 2021-22 it made over 2 Billion dollars. Guess how much they paid in taxes, 0 dollars. The Province where the mine is (coclé) has now the highest rate of kidney failure in the country including kids. Our main sources of income are banking and the canal. As you know, the leveis of the lakes in the canal are down what they dont tell you is thst the Rivers who feed the canal come from that área. One of the Rivers, rio indio, was detoured through underground tunnels so the mine could use the water... So the gob is replacing the income of the canal 2, 3 Billion / year for 375 millions / year the mine wil give us. And i said will becsuse they still havent paid. We are a green country with such an amazing biodiverdity and the question is who will ever want to come here to drink poison and breath poison? What we saw they want to do with the country is just terrible if that does not stop we wont have a country left. A lot of peoole talk about the jobs ( which a large number of them are Asians), repercusión etc.. Panama has Many other ways to create wealth but they would not be so lucrative for políticians.
Politicians dont like national economy because we are a developing country and we dont have that much supermassive companies that can pay that much to bribe them into accepting contracts that actually do benefit the country itself, they want to use the country as a bait for international corrupt activities.
The mine and the canal are in different watersheds, the mine has it's own storage, no effect on the canal. 2 billion is the gross income, are you saying the mine has no expenses? The indigenous signed FPIC agreement (Free, Prior and Informed Consent), so they basically signed off on this project a long time ago.
The taxes to be paid are being held in escrow, due to the freezing of the contract. Regarding the water issue, not only has the ACP stated that the mine's water usage has no effect on the Gatun canal reserve, but you may want to look at a topographic map and familiarize yourself with the waterways. They have nothing to do with the canal. This is completely political, in an election year and is going to do some serious damage to the international reputation of this country for investors and may come close to bankrupting the country from the lawsuits that are going forward now in the international court. Since when does a labour union try to close down one of the largest employers in the country, over constitutional legalese ??? It has nothing to do with pay, just politics. DUMB!!!!
@@grantgilbertson3533 Most of the info needed to prove the things you say are not only not available for the public, but are completely unnaccessible for the State itself, the mines in the country have a great history of robbery, such as refusing to pay a ridiculously small amount of 2%, other little thing, stated does not mean proven, in fact, the reports have not been prpperly analized and the study of environmental impact has not been updated as it is required, such reports suggest that there is no visible aquatic life on any river the mine has laid its hands on, not only on its area, but thoughout the entire surface of such rivers, so even if it were true that the reserve is intact, the effect on the bioenvironment of the surrounding area is far from being reliable in any way, not to mention the fact that they were trying to make it look like they used rainwater instead of river water (Lmao), the contract has recently been declared inconstitutional by the supreme court, more than 20 different inconstitutionalities have been found in the contract described as unfair and with bad intentions within the fields of law, constitutionality and contractuality, respalded with already suggested "failures" of the government that lead to a completely unfair relationship between the country and the mine. Not only it is unreliable in the economic field, but on the constitutional field, the moral field, the environmental field, lastly on the political field, such is the case that people from most political parties began protesting for the same cause (Making you a dumbass for suposing it is some kind of political movement, while it may be that some very minimal groups as the sindicates may be supporting it for political reasons, most political parties agree that this is something that needs to be oposed)
So yeah, stop making it look like normal, its not, thank god we are gonna win those international arbitrations tho, there are lots and lots of countries that have won cases infinitely weaker than this one, we are not gonna be an excemption.
So just what are those other ways to create wealth in Panama? List them please.
The Contract was ruled unconstitutional in 2017. And it is still illegal. The legislative had to accept or revoke the contract, and they did not, they "made corrections".
Also the law-contract states it is retroactive, which means that since 2017, they have been operating without a valid contract or law, basically robbing thousands of dollars ot the state
Awesome interview, thank's for the info, I'm an expat dual citizen of Costa Rica living by the border where everything is shutdown on duty free stores and gas stations where I've been doing business for year's.
I hope the Panamanian citizens can find a solution and hold the government accountable, bottom line it's the politicians and government that's benefiting while the citizens pay the price of their corruption and damage to the environment.
The indigenous people have been struggling to bring this to light and to answer your question of why now and not then, obviously people weren't aware until recently the level of corruption and damage being done, therefore better late than never.
Why so dismissive? The isthmus of Panama is very small with an incredible bio-diversity in that corridor, which is mostly jungle and indigenous habitants. Now there is a Huge hole in the ground with a huge materials processing infrastructure nearby (compared in size to the city of Miami), which makes a huge area of deforestation, the area of soil and water contamination have serious implications for the future of such bio-diversity. In the US, the EPA would be all over this company after seeing some of the rivers and trees nearby. The canal needs water and this is close to Gatun Lake, and that lake water levels are going down. Deforestation has consequences not seeing immediately and so does contaminating the soil. Bribery, payola is big in the US government and of course Panamanian officials wouldn't say no🎉
Pictures of the mine came to light recently. It is not a good deal Calvin. Poisoning the rainforest is never a good deal.
Doesn't the disputed contract involve exclusive rights to land, air and water around the mine?
@@scottdorsey8220Not only around the mine, contract specifies the mine has the right to "reapropiate" land and the government is forced to make it possible for them to aquire it, also having the right to "expropiate" such land, paying a price of around 1 dollar per kilometer of land, roughly 2,500 time cheaper than any other person or company could by land for
De que van a comer los panameños ?
I think lack of transparency is the key problem with the copper mine deal.
The current contract has been openly published
@@TheWanderingInvestor that wasn’t planned. it basically leaked. also what about the environmental damage? what about the mine workers? they’re mostly philipinos, not panameños. missing a lot of information for the great picture. maybe a bit too much of a gringo view?
@@MarS-bf4mj What we need here is a fair discussion with arguments. Counter question: Where do the materials and gasoline for all the cars in Panama come from? It's not fair if you always portray yourself as a victim, but import products (oil, cars, etc.) from all over the world, where you also have to exploit Mother Earth to produce it. If it happens in other countries, is that okay?! Environmental protection is important, why don't you all sell your cars? Panama has excellent and one of the cheapest public transportation.
Thank you. If you have the website where I can find the document, I would be most interested in having a look.
Wow! Most of the workers are not even Panamanians? No Wonder people are angry. Unemployment rate is still high in Panama by Western standard.
Weird that he has not addressed the fact that the Canal is loosing water, and the mine is a big player in that, because the amount of trees that have been cut down in the rainforest. So if Panama is able to restore the environmental destruction the mine has done, it will be good for the Canal and the economy
I talk about this in my blog post
Good points!
great point!!
The major problem with the canal is the water consumption of the giant new lock system. As container shipping began to increase in the 70's there have been water issues from time to time. With the opening of the new locks there's just not enough water. It's primarily an engineering mistake
None of this is helpful without a discussion of magnitudes. The mine contributes 5% of GDP, roughly the same as the canal. You mention the water use of the mine: how much water and how much does it matter for the canal? Vague talk about “restoring the environment” being good for the economy is not meaningful.
Great interview! Regarding, why the protests started after 30 years. Well, there were protests before. They just did not reach the broad public. The government thought they get away again, as before... Moreover, one also has to see the protests in the context of the track record of the current government. People are just sick of it.
I think it isn't just the mine, and 1400 square km, expropiation rights and obvious political corruption. The 375 million are negligible if you consider the 30 years of unchecked exploitation and Costa Rica, for example, has 40 billion income from ecotourism, not to mention the water contamination which is not usable in the Canal. The ecological damage caused and social inequality are the fuel of the discontent. And elections are to be held in May next year,so there's some degree of political oportunism.
Sorry I meant 4 billion,, 😔
Agreed. The $375m is a joke.
We lived in Panama and have owned a home there for 20 years. Had to move back due to needing a kidney transplant. Loved the country and the people. They love to march! They love to protest. This time it is different. They Russians are making an impact with their influence in the 40,000 member worker union there. Biden and Trudeau and Obama have screwed up Central America beyond belief!
This one protest is national, the absolute majority of people are citizens without any affiliation to this groups whatsoever, and this cause is completely needed for the country to stand up for its sustainability and economy.
@@vader2281 Yes. As long as they don’t trade one master for another. We found a cultural cask system there. My best friend there is Panamanian . He got mad at me for tipping the guy that wiped off our golf clubs and brought us cold drinks $5. He said they all only tip a dollar and if I did that it would ruin it for them. The same when I got my house painted. A local man gave me a bid of $500.00 which I thought was fantastic! A Panamanian neighbor lady heard about it and told me that us “gringos” were screwing up their lives because we were paying the local villagers too much money. I told her that we didn’t move down there to take advantage of people and that I’ll pay what I want. She got pissed and would never talk to me again.
Remember Trump tower. I’d say the influence is right wing. School of the Americas.
@amarie3309 after a left-wing dictatorship, which finished in 1989, and as a panamanian, I would say Trump is not the influence for people to prefer capitalism and whatever you call "right-wing" as the preferred political ideology here
@@joseamedacosta3203 Trump added to the country. He created jobs, gave credibility to Panama as an important tourist and investment destination. His investments opened Panama City to the global banking industry. Trudeau is doing his best to exploit the country. Obama had an aircraft carrier battle group within site of a Central American meeting of leaders there. How stupid was that? Gun boat diplomacy is still a lingering bad taste in Central America. This country built a subway, a beautiful city, another canal, a thriving business and entrepreneurial climate. Canada along with the Chinese are stripping Panama of its natural resources and flooding their markets with trash and pollution. They are destroying the rain forest for minerals.
Calvin forgot to add that the protest of the miners in Panama do not affect just only the 450,000 indigenous population, this miner affect the all country of PANAMÁ, you should interview a real Panamanian they can explain the real deal like the miner will affect the Forest, River where people use that water to drink and the ocean will lower the level which is bad for the PANAMA CANAL. All the pollution from this excavations produce sickness not only on the miner area, beside the contract supposed to do excavations in multiple areas in PANAMA, leaving Panama with a lot of problems, absolutely this is NOT a good contract for the Country. Again please interview someone else. A REAL PANAMANIAN THAT KNOWS THE STORY
The damage of this to canal water is rounding error to the damage to the watershed West of Panama City were uninhibited housing development is taking place. You can see it from the Panamerican. Mudslides everywhere.
Exactly this shit affected to everyone
The People of Panama don't deserve this.
They aren't stupid, the opening of the mine is like a trade deal for Native Americans that got the shitty end of the deal.
I plan on coming to Panama for five months next year. I've traveled to Panama and feel really bad. It's a great country, Shame on the President !!!
Thank you for your insight !!
Please explain to me how this is a good contract?
They can mine wherever they want and ruin the land...that's ok with you?
What about the indigenous?
What about the natural resources ,water ,fruits , vegetables..
Most importantly what about the animals ..?? 😮
He didn't say it was a good contract, he just said it's way better than the other one and he finds it very curious that when a better one is to be signed that people freak out. He also exposed the dire consequences for the whole country if not signed versus the dire consequences for 5K people or so. Either way, dire consequences.
Well nothing is positive about this PERIOD!
@@robertrussell6350 Very true !
@@MarinaLarocheThe new contract has even more inconstitutionalities in it than the previous one, and isnt even legally valid because of its retroactivity, not mentioning they are not actually paying the amount, and that they have the posibility to lie about the amount of minerals they are able to collect, essentialy robbing the country more than they have already robbed.
@@vader2281Sounds like they're not even respecting the current one if they're paying currently what they're supposed to. I heard also that they brought in way, way, way more Chi-Ne-se workers than the number the Gov had allocated.
That's not the story that I heard. I think that the people were always against the mines because certain people profited at the expense of the environment and that the new contract extends the amount of damage that the mines can do to the countryside permanently. So this whole thing needs to be re-thought.
I’m a (retired) international economist now living in Panama. The cancellation of the original contract was bad for the investment climate in Panama. The forced re-negotiation of the contract in a direction more favour able to Panama was further damaging to the investment climate. A cancellation of the new contract and closure of the mine - as demanded by many of the protesters - would devastate the investment climate, eliminate the 5% of GDP, 40,000 jobs and perhaps $1 billion in government revenue provided by the mine (directly and indirectly). First Quantum would have a strong case for compensation under international treaties and the compensation claim could easily start at $10 billion, which is more than 15% of GDP.
Any country can decide it doesn’t want a mine or a mining industry. However the time to have made that decision was decades ago, or at least 10 years ago before First Quantum made its $10 billion investment. The consequences of shutting down the mine would be financially devastating.
There had been more than three international demands surrounding the last inconstitutional contract, nond of them that made us pay them a single cent because it was in fact unfair an inconstitutional the same way the new one is, the only things threatening Panama's economy is the massive environmental impact that the mine's illegal and inconstitutional activities causes to ghe country, risking areas that represent more than 80% of its GDP, and the Panama Canal itself.
Not to say that they are quite literally allowed to rob us or lie about extraction amounts, expropiate lands and pay a 1/2500 part of the price for them.
Yeah dont try to convince the country that this is good for them, it is not.
Experienced lawyers that went through other international legal procedures have talked about it, as well as the last president of the supreme court, and they all agree that Panama has a very big chance of winning this one, so much that it is questionable that they would even try to start one on the first place.
The investment climate will be fine as long as it complies with the national interests and sustainability giving proper retribution, it is in fact better for international investment climate if we build solid, very specific means of protection of the country, as with them we could be able to build strong relationships with massive contracts in order to feed the developing economy of the country, as we are unable to do it now because of corruption and international disrespect for Panama's boundaries and requirements.
@@vader2281 Almost everything you said is nonsense. Firstly, it is not the problem of an international investor to verify the constitutionality of contracts signed by a sovereign government, which supposedly has expertise in that area. Governments sign contracts and treaties all the time that are then binding on the country even if they are unpopular and yes, even if they are unconstitutional in the perspective of a later judicial ruling. Second, courts do not have credibility from the perspective of the arbitration process, since they can be influenced to rule in such a way as to allow a country to evade its obligations under the contract or treaty. (That is why, for example, international bond contracts are always based on the law of either New York or the U.K.) It is thus unlikely that an international arbitration panel would simply defer to a judgement by a domestic court on the constitutionality of the law. Thirdly, there is no possible way that the figure of 80% of GDP that you claim is threatened by this mine is correct, or has any factual basis whatsoever. You have simply invested this figure. The mine is in a rather remote part of the country, that cannot conceivably generate significant economic activity. The overwhelming bulk of Panama’s GDP is generated in Panama City. I am not dismissing concerns about the environmental impact of the mine. The body that weighs those issues versus other considerations such as the fiscal and economic benefits from the mine is the government of Panama. That is the contracting party and the sovereign voice of Panama. It is not the Supreme Court, nor is it mobs burning tires in the streets. Fourth, statements about extraction amounts being false or fraudulent need to be documented or they are meaningless. First Quantum is a publicly traded company with audited financial statements. Therefore the idea that there is somehow hidden amounts of minerals extracted could not possibly be true. The time for Panama to have weighed the costs and benefits of this mining contract was many years ago. Now it is bound by its obligations, including international obligations to pay compensation if the mine’s ability to operate is compromised.
@@pauljenkins6877None of the things mentioned before matter because they are either non relevant as the first three claims or they are completely unrelated like the last one.
Yes it was their responsibility to check for the writing of tge countract since, well, the part that writes the contract is most likely the one to be sued if such a contract vulnerates the other part, as if i wrote a contract were i have the right to steal land from you and your neighbours, also, into more specific thing of this case, as said before, the contract is unvalid since the last time the Supreme Court judged the previous Contract-law and deemed it inconstitutional, such a thing is because the new law clearly states that it is of public concern and has retroactive effects, making the two last years of operation of the mine completely illegal whatsoever, reinforced by the remaining inconstitutionalities and the new ones, third aspect of this particular claim is the fact that this contract had to be designed as a renegotiation of an originally hurtful and inconstitutional contract, so it was their responsibility to correct it as they were forced to by the court. Concerning to the valid aspects of these supreme court declarations, they are fit within the United States laws, as the mine tried to sue the country three times before through international arbitrations related to the actions of the supreme court on the old contract and they failed misserably on their three attempts to invalidate them (LMFAO) .
great interview and update . thank you
People come and go all the time from one place to another. It is not peculiar to just foreign countries or Panama. Stuff happens in Canada, the US and Europe also. People leave the US all the time. Inconvenience is just what it takes to get reform and change in a positive direction. You have to hit them in the pocketbook for the politicians to pay attention.
Far far more people come to the US than leave it Far, far more....
It is better now than later that this whole thing gets addressed and it has apparently finally come to the attention of the people, thus the protests. Protests and blockades are the means by which the people get the attention of their governments down there.
There is no assurance that "the people" A) know what they're talking about and B) will produce a good decision in the end. Most folks do not understand the trade-offs inherent in any endeavour and poorly educated people in Panama even moreo.
Great stuff Ladisla🔥🔥🔥
was just going to ask you about this topic
Glad it was helpful!
i agree!
Great interview
So what happened with the water supplied by rivers contaminated by the mine?
Nonsense
@@marcgatto9675>You just dont care about the country
@@vader2281 More nonsense. I have a cedula. I love this country. The protests are based on lies and fabrications.
I am from Chiriquí, Panama, Everything started a strike to NO to Mining but now everything has switched to the indigenous village blocking the Main road that connects the Province of Chiriquí to Panama for more than 21 days , the community of Chiriqui is facing is thousands and thousands of dollars of agriculture loss just in the town of Volcan the indigenous have week schedule to enter and leave the town, a lot of business have shut down people losing the jobs, CHIRIQUI IS PARALIZE ! due to the road blocks the indigenous have taken over the streets No Gasoline , Propane, Food , for the medicine to get to the hospital was a challenge , everything is low on stock , Boquete and Bocas is known as a Tourist town now is ghost town. Chiriqui is depending on the Costa Rica to get fuel with no jobs and no money people are paying doble just for a gallon of gasoline transportation rate went up a doble, people the live day by day are suffering and lots people without money and food, Chiriqui is crying for Help to open the Roads WHILE the other Provinces including Panama City Protest they Still have food, gasoline, Propane tanks food and their Jobs, what is worse that each section has a Indian Leader - they cannot make their minds when to open the roads one minute they say they are going to open the streets to let food in and another minute some other chief says NO and we are back to 00 Again, the Police or the Government the Governor No one gives is a response to help Open the roads, is very drastic situation in Chiriqui we are Kidnap in our own province with nothing coming in only by plane with a very High price, Chiriqui is Desperate for the Roads to open again without backing out of the no Mining Strike, let's not forget the School is shut down the teachers are also on strike and kids are not getting Education ** Talk about a Caos with a no end...... **
That's really hard and the worst thing is that your own people cuts you off from food and gasoline and claims they are fighting for the country.
Si. Millions and millions of dollars... We passed the thousands in the first hours...
That water cannot be used for the Canal because is contaminated,, right?
Love your interviews with Calvin. He's such a magnificent eccentric and brilliant stock picker
He is 👍
I wish all CZcamsrs covering international investment and living made videos as good and focused as Ladislas. This one has deterred me from thinking about Central America and even Mexico for different reasons as retirement options.
Thank you, glad it helped you make the right decision for you.
He is really one of the few that talks the talk and walks the walk.
Hello señor. I just wanted to say thank you for creating this video. As an English speaker is is incredibly hard to know what is happening within Panamá. ❤
I am actually trying to combine resources that discuss this matter in English. What would be the best way to speak privately? Do you have a business email?
Thank you.
Search for the publications of the newspaper El País from Spain and translate them into your language. There is a good analysis of what is happening there, not in this video. I am Panamanian."
I sure would no leave there and move back to us it sucks here !
It would be horrible if this goes 40 days.
I feel like leaving the country maybe to Costa Rica .
Uruguay but certainly not back to the US .
It’s really in my opinion sad since I was born in the canal zone 1952
Wanted so badly to come back and live out my days and panama
NowI’m like don’t know what to do ¿
Anyone have any ideas?
Reporting in from Rio., Serreno.
Well I guess the situation will calm down in a couple of weeks. I'd go to Costa Rica for 2 weeks or so. Or you come to Panama City, here you you get almost everything in supermarkets and restaurants. The only thing I am a little worried is the economical outlook when they really force the gov to shut down the mine and the water problems with the canal are going to worsen. I think Panamanians cannot imagine what is going to happen in their country then. I hope reason will prevail!
wow you guts are sharp. i just moved from Boquete to Los Algarrabos . i would likke to meet you. i have lived in Boquete for 3 years . i am from illinois and florida my name is arthur. thanks for the panama class . how did you get so informed on all this?
b
He also doesn't mention the high cancer rate in the area of the current mine location....ohh i forgot at least we getting some money for those people getting sick
Indeed, it is not that everything is about money for them, it is that they think their money is more important than the country's economic sustainability, environment and health
Need data on that.
And this is why 3rd word countries continue to be 3rd world countries. Or to put it more politically correctly, why most developing nations don't actually *develop*. Forget about future foreign investment for mining for the next few dacades. That money will flow elsewhere now and all the taxes and royalties will be enjoyed by more stable jurisdictions.
I bet that has worked wonders for the advancement of Africa, right? A developed country usually went through an industrialization phase, not just mining and exporting minerals. If mining investments go elsewhere, then that's fine, I would just hope that wherever it goes, those governments strike a better deal than our lousy government has been doing.
If Panama closes this mine good luck in getting any investment into Panama in the future. Can Pamama afford to lose 40,000 jobs and over $1 million daily? Panama is not a rich country.
Never had a problem in David with the airport.
Great content. No transcript?
Will get published on the website later
It doesn't make sense to you but it makes sense to Panamanians and the environment...
I want to get Panama passport
There is bribary everywhere Calvin, not only in Latam.
He didn’t say the opposite
That was a very good interview, thanks! I live in Panama City and have hardly had to limit myself here so far. I actually don't understand why the panameños (not all of them) are so upset. My neighbor said, they ("the corrupt gov") try to sell us to the Chinese. I said but the mining company is from Canada. Now it seems she isn't talking to me anymore. There are good infrastructure projects going on in the country, they reduced the gasoline price for the people. Everyone wants to drive their car but pumping out the petroleum from mother earth isn't clean either but that doesn't happen here in the country. The Panameños need to wake up. but as much as I like it here, I guess they won't understand. Thinking ahead is not the strength of Latinos. The gov also doesn't properly inform people to clear up misunderstandings.
I would say that thinking ahead is not the strength of americans who every week decide to shoot and kill people for no reason and even kids, at school, malls, parks, everywhere. We Latinos have so many things to improve no doubts, but to be against the mining is not one of them. We prefer nature, health, clean water and animals.
Officially the company is Canadian but it's really Chinese due to it's biggest investor which is Chinese. Plus they brought way, way more Chinese people that were allocated by the GOV.
The gasoline, food and medicine price were not a consequence of natural flow of economy here in Panama, it was artificially inflated because of a monopoly of companies that used ukraine's conflict as an excuse to get those prices up by more than 47%, making some jobs impossible to afford, the solution of the government after thousands of people protesting was lame. They basically created a budget to pay for the rest of the price instead of negotiating with those companies, as they do with everything else, and now we are literally paying for it anyways, just with our taxes
This budget only supposes a 10% reduction of the price, so it was not a definitive solution whatsoever.
Panamanians are upset because of hundreads of years of corruption (search for: Venas abiertas de Panamá) and they are upset because of a lot of reasons including the absurd terms of the contract, the inconstitutionality of it, the illegal behaviour of the company, the audicity of them to refuse to pay the accorded amount, the fact that they are allowed to rob to the country in more than three different supermasive ways, the risk it supposes to the national economy and the absolute disrespect that aproving it so fast supposes to the entire population, as well as how they aproached the problem in very disrespectful and incompetent ways even after days of national work stoppage.
@@MarinaLaroche I saw the video of the conspiracy theory dude that was saying that it's a Chinese company. I really suggest that you fact check yourself every single word he says. The company is 19% Chinese-owned. The rest is basically US institutions. He was also saying that "Blackrock is behind it". Blackrock owns something like 1.7% of it.
Sorry but you don't know & see enough and all you think about is money that can be earned for losing your land your soul your heritage your culture and your country.....
A renegotiation
Here a Panamanian,
1- We have always being against mining and they did anyways.
2- They made a contract with one company they didnt made it public for all the companies to apply and then decide which one was the best, that is against the our laws, in other words curruption
3- the supreme court already declared the first contract unconstitutional so president had to close the mine and he didnt obey and did another contract, against the supreme court decision and against most population opinion, that is why we all are protesting
To your point 1. You never wanted mining in your country but you like to import all the good and nice stuff from foreign countries, like cars and the gasoline you need for it. What is dirty produced abroad doesn't matter, as long as you can live a beautiful life here. This is extremely selfish and wrong! Everyone has to contribute something to the global community or you give up cars and smartphones and live like the natives in the jungle.
@@Frank-xp3xdAgain, wrong, you dont have to "give" your resources, nor you HAVE to sell them, much less with such absolute nightmarish terms, and with such a great risk for the national economy.
We dont exploit resources from other countries, we buy products and resources from companies, whatever contracts those counties may hold with this companies are a problem on their own, but we cant do much about problems related to other countries governments, you acting like we are all environmentalists, when there is a difference between completely giving up the entire industry to "save nature" and searching for operational sustainability and national sustainability.
De que piensan comer ustedes los panameños ? Cuarentena , subsidios a todo y encima cierre de industrias ? Se creen que por tener el canal el mundo les va a seguir poniendo $ aun haciendo chavismo económico ? Están muy equivocados, se los digo desde un país súper marxista como argentina . .
You are so ignorant and bias. There are also expropiating peoples land and expanding other mining rights throughout the country. This is a highly polluting Enterprise at the heart of our country. They will eventually polute the canal and the main source of water to the city and so much more.
Interesting that you would call on his bias then use and /or fabricate the connection between the mines water system and that of the Canal, when there is enough data to show the two are not connected.
Back in 1981 ( SPIA), Engineers of Panamá, study the posibility of a dam in Río Indio for future water problems in the canal. In such a small área, Everything is connected.
$13 a gal. "that would make Biden proud". good one brotha! :)
Please get your facts together before you start assuming what's going on in Panama. Some of your comments are absolutely false.
Sorry, but this guy is so wrong! He does not understand the situation from inside! This mine started to work in 2016, without a contract, making extractions which were giving millions and millions of dollars to the company, but paying nothing to Panama…NOTHING! All that information was hidden from the people, that’s why people did not complained before. It was now that this contract came out for approval when that information came out. Those 30 previous years were also not known, they were smaller projects (look for Cañazas information) and it passed from hand to hand, until this last one made a big project., creating such a big harm in the area, plus all the benefits the government was giving to this company., and against of what the Constitution mandates. Panama is fighting for their beautiful nature, clean water, clean air for present and future generations! I am sure you could find a Panamanian with correct information for your viewers to know and understand better this situation! This mining project is causing a big harm to the country, there is not enough money that could pay for this harm!
One more thing is, this is supposed to be a cooper mine, but they are extracting also gold, silver, manganeso and molibdeno, and who knows what else! PANAMA IS NOT A MINING COUNTRY, but they were trying to get approval for 14 other projects and had 103 other projects in study, all around the country!…that much in such a small country? No way!
10:13 10:13
Calvin you need to look more into human & nature aspect and not only $$$ ....that will get you only to leaving this life too early and you can not take any money with you there .....I rather have less money and enjoy life in a healthy environment in agreement with laws of nature.....think about that for a while
I ask the Canadian government to stop this company don’t letting to happen to panama in Canada there are every thing in mines this robbery and destruction and injustice have to stop
They will stop but you need to pay $15 Billion.
BS Calvin
Extremely biased commentary that is one-sided and lacking depth. The commentator needs to have a specialist on the program that adds depth and a comprehensive perspective, and that avoids using scare tactics (e.g., grandmother in her wheelchair, the wealthy are leaving) and implied external sources (Russia) and terms (Socialism) peppered throughout his presentation.
Don’t forget that the Canadians are getting destroyed with the currency difference.
It's officially Canadian but in reality Chinese since they're it's biggest investor. They also brought in way, way more Chinese workers than were allocated by the Panamanian GOV.
We most likely wont lose an international arbitration, we have hundreads of violations of law and constitution and law, and the really risky and hurtful contract, and even if we did lose, we could sue them for the irreversible environmental damage and would mot likely win too.
Lawyers are power in law, not justice. And Panama doesn't really have any real lawyers to argue a case. In the end the most powerful will win, and that's not country of Panama.
@@alankwellsmsmba Constitutional law is a branch of right, also, there are quite some lawyer with experience in this country that have gone to plenty of international arbitrations.
I live in La Chorrera. I hate how they always block the roads. My did missed a very important cardiology appointment because of those crybaby Marxist morons.
Marxist? Why do people (usually Americans) through that term around as if they know what it means, or if they'd recognise a Marxist if they fell over one! I don't think the protests have anything to do with Marxism, Communism or any other "ism", except perhaps the effects of capitalism.
Tourism....Focus on tourism...Rich people will pay!!!
You need to get your facts straight beg you start divulging fake news…
What do you mean that would make Biden proud?
Make Biden proud...😂hilarious, my man. Especially since we've entered one of the most stable economies and the stock market booming. Stick to what you know, dude.
Im in Panamá and I think this is foolish, Panamanians are moved by emotions but what ever great interview
Cas of human like you this world 🌎 is mest
@@armandothompson9411 otro comentario sacado del inodoro que es tu mente. ¿A caso la conoces? Sabía que no. Anda hacer algo útil.
Just because you can move out and let the country get screwed by constant massive robberies and corruption does not mean they have to be like you and let it die.
So you too should not be talking g you have no idea what your talking about
The thing that no one is talking about is the fact that First Quantum Minerals is actually Chinese... I kindly ask folks to read the contract. Do not repeat things you hear. The contract is unconstitutional. Research more about the real owners of First Quantum...
Quantum ownership:
| [JIANGXI COPPER COMPANY LIMITED] | 18.30 % |
| Capital Research & Management Co. (World Investors) | 16.72 % |
| Fidelity Management & Research Co. LLC | 5.413 % |
| Capital International Ltd. | 3.617 % |
| The Vanguard Group, Inc. | 2.679 % |
| BlackRock Investment Management (UK) Ltd. | 1.918 % |
| RBC Global Asset Management (UK) Ltd. | 1.252 % |
| T. Rowe Price Associates, Inc. (Investment Management) | 1.180 % |
| FIL Investments International | 1.168 % |
| Canada Pension Plan Investment Board | 0.9312 % |
18% Chinese, the rest is US institutions.
So Panama has no choice but to keep the mine running.
BS Calvin