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Protests against Cobre Panama: A Victory for Panamanians

Protests and Roadblocks Impacting Panama

For more than a month, protests against Central AmericaÔÇÖs largest open-pit copper mine, Cobre Panama, have brought Panama to a standstill. Roadblocks have caused gas and propane shortages, leading to many supermarket shelves running empty. Restaurants and hotels have suffered from low patronage due to the unrest.

However, on Tuesday, protesters in Panama received the news they had been waiting for. The countryÔÇÖs Supreme Court of Justice ruled that PanamaÔÇÖs new mining contract with the Canadian company First Quantum was unconstitutional. The protesters celebrated the ruling in front of the Supreme Court, singing the national anthem and waving the Panamanian flag. The ruling, while a blow for investors and the countryÔÇÖs long-term credit rating, was a source of relief for Panama, which has been rocked by the largest protest movement in decades.

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The Impact of the Supreme Court Ruling

The news of the Supreme Court ruling came on the anniversary of PanamaÔÇÖs Independence from Spain. The ruling was celebrated as ÔÇ£independence from the mineÔÇØ by many in Panama. Businesses in the western province of Chiriqui, which had suffered from the protests, saw an increase in patronage after the ruling.

Cobre Panama, the largest mine in the country, contributes significantly to PanamaÔÇÖs GDP and exports. While it is an important source of income for the country, protesters argue that the mine is detrimental to the environment and has unfairly benefited a foreign corporation.

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Impact on Foreign Investment and Jobs

The recent Supreme Court ruling has raised concerns among foreign investors looking to do business in Panama. The ruling, coupled with protests and political instability, has led to a downgrade in PanamaÔÇÖs debt rating, putting the countryÔÇÖs investment-grade status at risk.

First Quantum, the Canadian company with the mining contract, has seen a substantial decrease in its shares and has notified Panama of its intention to take the country to arbitration. The ruling also poses a threat to the jobs of over 6,600 people employed by the mine.

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Moving Forward

While the Supreme Court ruling is a cause for celebration for many Panamanians, it has also raised concerns about the future of the countryÔÇÖs economy and employment prospects. The government has announced a moratorium on new mining projects and is contemplating a referendum on the fate of Cobre Panama.

For the majority of Panamanians, the ruling is a positive step towards normalcy. Roadblocks have been cleared, highways are open, and gas stations are operational once again. The government’s decision to begin the process of closing the mine in an orderly manner has generated confidence among the population.

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Indeed, the protests and the court ruling are a testament to the strength of PanamaÔÇÖs democracy, marking an important moment in the country’s history.

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