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Such thing happened after the Panamaian Government signed a new 20-year Cobre Panama contract with the Panamaian Government into law just over a week ago with First Quantum Minerals, a Canada-based company.
First Quantum Minerals main investors are the Transnational corporation Blackrock — once its main enemy — and the Chinese Company Jiangxi Copper, its largest shareholder & largest copper producer in Mainland China
The deal would result in First Quantum paying drastically higher Panamanian taxes in exchange of allowing continued operations at the site, the largest copper mine in Central America, under the Canadians, with the company accounting for 4.8% of Panama’s gross domestic product (GDP) in 2021.
Opened in 2019, the open pit Cobre Panama mine, some 120 kilometers (75 miles) west of the capital and 20 km from the Caribbean coast, can produce 300,000 tons of copper per year.
In 2021, Panama's Supreme Court ratified a lower court's ruling that the original concession of mining rights granted to subsidiary Minera Panama until 2037 was unconstitutional. However, despiter it, Negotiations between the government and First Quantum were reopened and finalized earlier this year.
Protesters blocked the streets of Panamá cities, including the capital, to protest against Cortizo Government and asking for the total end of operations by the Canadian company, calling the corporation as "Colonial" and "Imperialist"
Netizens reported that alongside government forces, paramilitaries were spotted among peaceful protesters, firing upon the air to disperse the manifestations
According to local medias, 250,000 people took part on the protests only at the capital
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Forwarded from Song of Oil and LNG
🌍🛢Exxon's CEO Foresees Decrease in Global Oil Supplies
Exxon Mobil Corporation has expressed concerns over dwindling global oil reserves, anticipating a surge in energy prices in the medium term. The oil industry, still reeling from the pandemic's impact, faces a shortage of investment in fossil fuels, exacerbating the depletion of resources.
Exxon's Chief, Darren Woods, stated, "The industry is grappling with the aftermath of the pandemic and the reduced capital infusion, essential to counter the depletion we are witnessing."
OPEC and its allies have curtailed production this year, coupled with projections of slowdown in U.S. shale oil production in the Permian Basin by 2024. Woods pointed out, "There are limited sizable projects in other countries capable of offsetting the anticipated rise in oil demand this year and the next."
He emphasized, "The pace of recovery depends on the global economy; it will take years to build additional capacity."
Woods highlighted Europe's economic challenges, particularly due to the loss of Russian gas, labeling it as "probably the most challenged" continent in this context.
#ExxonMobil #oil #supplies
@songofoil
Exxon Mobil Corporation has expressed concerns over dwindling global oil reserves, anticipating a surge in energy prices in the medium term. The oil industry, still reeling from the pandemic's impact, faces a shortage of investment in fossil fuels, exacerbating the depletion of resources.
Exxon's Chief, Darren Woods, stated, "The industry is grappling with the aftermath of the pandemic and the reduced capital infusion, essential to counter the depletion we are witnessing."
OPEC and its allies have curtailed production this year, coupled with projections of slowdown in U.S. shale oil production in the Permian Basin by 2024. Woods pointed out, "There are limited sizable projects in other countries capable of offsetting the anticipated rise in oil demand this year and the next."
He emphasized, "The pace of recovery depends on the global economy; it will take years to build additional capacity."
Woods highlighted Europe's economic challenges, particularly due to the loss of Russian gas, labeling it as "probably the most challenged" continent in this context.
#ExxonMobil #oil #supplies
@songofoil
FelipeChannel
🇺🇸First Quantum Minerals lose 50% of the value of its shares in the last 3 months and 20% today only, 30 October 2023 🇪🇸First Quantum Minerals pierde el 50% de valor de sus acciones en los últimos 3 meses y el 20% solo el dia de hoy, 30 octubre 2023
🇺🇸 First Quantum Minerals extend losses, down another 20% today amid the uncertainty of the situation in Panama
🇪🇸 First Quantum Minerals extiende pérdidas, bajan hoy otro 20% en medio de la incertidumbre de la situación en Panamá
🇪🇸 First Quantum Minerals extiende pérdidas, bajan hoy otro 20% en medio de la incertidumbre de la situación en Panamá
🔥1
Forwarded from Disclose.tv
JUST IN - Egypt's PM says the country is "prepared to sacrifice millions of lives" to ensure "no one encroaches upon" its territory.
UPDATE - Egypt has stationed tanks and armored vehicles near the Rafah border crossing into Gaza — ToI
@disclosetv
UPDATE - Egypt has stationed tanks and armored vehicles near the Rafah border crossing into Gaza — ToI
@disclosetv
Forwarded from Amir Tsarfati
Yemen 🇾🇪 declared war on Israel 🇮🇱
You can see on the map that it’s a spiritual warfare. Nothing else makes sense!
You can see on the map that it’s a spiritual warfare. Nothing else makes sense!
Crude production in Texas in August - home to a large portion of the Permian Basin and where Exxon will soon be undisputed energy king after its merger with Pioneer closes - rose from 173.775 million barrels to 174.562 million barrels.
Despite the record-breaking production levels seen in August, inventories of crude oil in the United States are estimated to be within 3 million barrels of where it began the year.
https://www.zerohedge.com/markets/us-crude-production-breaks-records-shale-drives-all-growth-global-oil-supply-over-past
Despite the record-breaking production levels seen in August, inventories of crude oil in the United States are estimated to be within 3 million barrels of where it began the year.
https://www.zerohedge.com/markets/us-crude-production-breaks-records-shale-drives-all-growth-global-oil-supply-over-past
ZeroHedge
US Crude Production Breaks Records As Shale Drives All Growth In Global Oil Supply Over Past Decade
Remarkably production hit all time highs even as the number of rotary US oil rigs has slumped in the past year. How is this possible?
Booking slots will be cut to 25 per day starting Nov. 3 from an already reduced 31 per day, the Panama Canal Authority (ACP) said in a client advisory, and will be gradually reduced further over the next three months to 18 slots from Feb. 1.
https://www.reuters.com/business/panama-canal-says-will-slash-booking-slots-due-drought-2023-10-31/?rpc=401&
https://www.reuters.com/business/panama-canal-says-will-slash-booking-slots-due-drought-2023-10-31/?rpc=401&
Reuters
Panama Canal to slash booking slots due to drought over coming months
The Panama Canal, one of the world's main maritime trade routes, will further reduce daily ship crossings in the coming months due to a severe drought, the authorities managing the canal said late on Monday, increasing shipping costs.