🏦Bank of Canada holds interest rate steady at 5%
The Bank of Canada has decided to keep its benchmark interest rate steady at five per cent, the second straight time the central bank has done so and a sign it may be moving to the sidelines after raising the cost of borrowing 10 times since last year.
The move was widely expected by economists and investors.
🍁 Maple Chronicles
The Bank of Canada has decided to keep its benchmark interest rate steady at five per cent, the second straight time the central bank has done so and a sign it may be moving to the sidelines after raising the cost of borrowing 10 times since last year.
The move was widely expected by economists and investors.
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Freeland says feds will strike 'challenging' balance in fall budget update
Finance Minister Chrystia Freeland said Tuesday the government's fall economic statement will focus on housing and affordability within a fiscally responsible framework.
"That is a challenging balance to strike. Our government is committed to doing it," she said.
The federal government's financial statements were published Tuesday, revealing the deficit for the 2022-23 fiscal year came in at $35.3 billion. That's $7.7 billion lower than projected in the spring budget.
#Freeland
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Finance Minister Chrystia Freeland said Tuesday the government's fall economic statement will focus on housing and affordability within a fiscally responsible framework.
"That is a challenging balance to strike. Our government is committed to doing it," she said.
The federal government's financial statements were published Tuesday, revealing the deficit for the 2022-23 fiscal year came in at $35.3 billion. That's $7.7 billion lower than projected in the spring budget.
#Freeland
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🩺 One in four Ontarians may be without a family doctor by 2026, analysis says
More than 4.4 million Ontarians could be without a primary-care physician by 2026, according to a new analysis that predicts a substantial increase in orphaned patients as older doctors retire and younger ones turn away from traditional family practice.
New figures released Wednesday by the Ontario College of Family Physicians show an estimated 26 per cent of residents in Canada’s most populous province may not have a regular primary-care provider three years from now, up from an estimated 18 per cent at the end of this year.
The national statistical agency’s most recent data from 2021 suggest that 14.4 per cent of Canadians don’t have a regular health care provider.
The OCFP analysis also takes into account the anticipated growth in Ontario’s population – driven mostly by immigration – and the number of new family doctors this year and each of the next three years, but assumes they will be less likely to practise comprehensive, cradle-to-grave family medicine than their predecessors.
#Ontario #healthcare
🍁 Maple Chronicles
More than 4.4 million Ontarians could be without a primary-care physician by 2026, according to a new analysis that predicts a substantial increase in orphaned patients as older doctors retire and younger ones turn away from traditional family practice.
New figures released Wednesday by the Ontario College of Family Physicians show an estimated 26 per cent of residents in Canada’s most populous province may not have a regular primary-care provider three years from now, up from an estimated 18 per cent at the end of this year.
The national statistical agency’s most recent data from 2021 suggest that 14.4 per cent of Canadians don’t have a regular health care provider.
The OCFP analysis also takes into account the anticipated growth in Ontario’s population – driven mostly by immigration – and the number of new family doctors this year and each of the next three years, but assumes they will be less likely to practise comprehensive, cradle-to-grave family medicine than their predecessors.
#Ontario #healthcare
🍁 Maple Chronicles
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Commons report on foreign interference calls for registry of agents
A new Commons committee report on foreign interference calls on Canada to establish a foreign influence registry "as soon as possible" and to create new criminal offences to cover all interference operations.
The report, released Tuesday by the House of Commons privacy committee, makes 22 recommendations meant to improve Canada's response to foreign interference activities and enhance national security transparency.
Recommendation 18 calls on the federal government to quickly create a registry of foreign agents in Canada. The bill might be tabled this year.
Under a foreign agent registry, people who act on behalf of a foreign state to advance its goals would have to disclose their ties to the government employing them.
🍁 Maple Chronicles
A new Commons committee report on foreign interference calls on Canada to establish a foreign influence registry "as soon as possible" and to create new criminal offences to cover all interference operations.
The report, released Tuesday by the House of Commons privacy committee, makes 22 recommendations meant to improve Canada's response to foreign interference activities and enhance national security transparency.
Recommendation 18 calls on the federal government to quickly create a registry of foreign agents in Canada. The bill might be tabled this year.
Under a foreign agent registry, people who act on behalf of a foreign state to advance its goals would have to disclose their ties to the government employing them.
🍁 Maple Chronicles
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💉MPs defeat Pierre Poilievre-backed anti-vaccine mandate bill
MPs overwhelmingly voted to kill a bill Wednesday pushed by Conservative Leader Pierre Poilievre that would have banned Ottawa from again imposing COVID-19 vaccine mandates on federal workers and the travelling public.
By a vote of 114-205, MPs agreed to drop the private member's bill, C-278, that Poilievre first introduced last year when he was running for the party's leadership.
Speaking in the House of Commons during Tuesday's debate, Poilievre said Trudeau "maliciously divided" and attacked Canadians who shunned the COVID-19 vaccine by imposing an "unreasonable" policy that forced some people to get the shot or face consequences like job losses or additional hurdles at the border.
#Poilievre #Trudeau
🍁 Maple Chronicles
MPs overwhelmingly voted to kill a bill Wednesday pushed by Conservative Leader Pierre Poilievre that would have banned Ottawa from again imposing COVID-19 vaccine mandates on federal workers and the travelling public.
By a vote of 114-205, MPs agreed to drop the private member's bill, C-278, that Poilievre first introduced last year when he was running for the party's leadership.
Speaking in the House of Commons during Tuesday's debate, Poilievre said Trudeau "maliciously divided" and attacked Canadians who shunned the COVID-19 vaccine by imposing an "unreasonable" policy that forced some people to get the shot or face consequences like job losses or additional hurdles at the border.
#Poilievre #Trudeau
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🔌🌱Danielle Smith says she is not going to engage in "fantasy thinking" when it comes to green energy because she wants to ensure Alberta has a reliable energy grid.
#Alberta #energy
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#Alberta #energy
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The cost to protect the prime minister has shot up to more than $30 million a year
The cost of RCMP protection for Canada's prime ministers has been rising over the past two decades and experts expect it to get even more expensive in the future.
It cost more than $30 million annually in each of the last two fiscal years to protect Prime Minister Justin Trudeau and his family. In 2003/04, it cost only $10.4 million to protect Prime Minister Jean Chrétien and his successor Paul Martin.
According to the Bank of Canada's inflation calculator, $10.4 million in 2003 would now be worth $15.9 million.
The cost of protecting the prime minister dipped sharply in 2020/21 as the COVID-19 pandemic brought the world to a standstill. It then shot up to $30.9 million in 2021/22 from $23.3 million in 2019/20 – an increase of 32.3 per cent in two years.
The rise in costs was the result of an increase in the prime minister's movements after the pandemic, coupled with a pay increase for RCMP officers.
#Trudeau
🍁 Maple Chronicles
The cost of RCMP protection for Canada's prime ministers has been rising over the past two decades and experts expect it to get even more expensive in the future.
It cost more than $30 million annually in each of the last two fiscal years to protect Prime Minister Justin Trudeau and his family. In 2003/04, it cost only $10.4 million to protect Prime Minister Jean Chrétien and his successor Paul Martin.
According to the Bank of Canada's inflation calculator, $10.4 million in 2003 would now be worth $15.9 million.
The cost of protecting the prime minister dipped sharply in 2020/21 as the COVID-19 pandemic brought the world to a standstill. It then shot up to $30.9 million in 2021/22 from $23.3 million in 2019/20 – an increase of 32.3 per cent in two years.
The rise in costs was the result of an increase in the prime minister's movements after the pandemic, coupled with a pay increase for RCMP officers.
#Trudeau
🍁 Maple Chronicles
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🏘 Average home price 141% higher than median-earning family can afford: report
The average home price in Canada is 141 per cent higher than what a Canadian household making the median income can afford, according to new data.
The report published Thursday looked at data on home prices and median earnings for Canadian households.
It found that a Canadian family earning the median household income of $79,876 can reasonably afford a $315,000 home, with a maximum insured mortgage of $299,500.
However, the average home price in Canada is currently $757,600, the report noted – considerably pricier than what the average household can afford.
Prices are even higher in Canada’s most expensive housing markets, with average home values topping $1 million in Toronto and Vancouver.
The report added that mortgage insurers won’t insure a home over $1 million, meaning interest rates are increased and a bigger down payment is required.
#housing
🍁 Maple Chronicles
The average home price in Canada is 141 per cent higher than what a Canadian household making the median income can afford, according to new data.
The report published Thursday looked at data on home prices and median earnings for Canadian households.
It found that a Canadian family earning the median household income of $79,876 can reasonably afford a $315,000 home, with a maximum insured mortgage of $299,500.
However, the average home price in Canada is currently $757,600, the report noted – considerably pricier than what the average household can afford.
Prices are even higher in Canada’s most expensive housing markets, with average home values topping $1 million in Toronto and Vancouver.
The report added that mortgage insurers won’t insure a home over $1 million, meaning interest rates are increased and a bigger down payment is required.
#housing
🍁 Maple Chronicles
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Ottawa exempting home heating oil from carbon tax for 3 years, Trudeau says
The government will exempt home heating oil from the tax for three years, double the rural supplement in the rebate program and offer new programs Trudeau said will help rural Canadians switch to electric heat pumps.
"This is an important moment where we're adjusting policies so that they have the right outcome. We are doubling down on our fight against climate change and keeping true to the principles that we're supporting Canadians while we fight climate change," Trudeau told a press conference.
While the exemption applies nationwide, Trudeau said the policy will help Atlantic Canada in particular. Thirty per cent of homeowners in the region still use furnace oil to heat their homes.
#energy #Trudeau
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The government will exempt home heating oil from the tax for three years, double the rural supplement in the rebate program and offer new programs Trudeau said will help rural Canadians switch to electric heat pumps.
"This is an important moment where we're adjusting policies so that they have the right outcome. We are doubling down on our fight against climate change and keeping true to the principles that we're supporting Canadians while we fight climate change," Trudeau told a press conference.
While the exemption applies nationwide, Trudeau said the policy will help Atlantic Canada in particular. Thirty per cent of homeowners in the region still use furnace oil to heat their homes.
#energy #Trudeau
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Trudeau, Poilievre reject NDP proposal to empower MPs to put limits on prime ministers' powers
Liberal and Conservative MPs have defeated an NDP attempt to change the rules that govern the House of Commons in a series of ways that sought to instill democratic controls on the prime minister's powers.
It's a move the motion's sponsor, NDP MP Daniel Blaikie, says will maintain the potential for future Canadian leaders to "abuse" their power and "put the House of Commons under their thumb."
On Wednesday afternoon, Blaikie's proposal to change the rules known as "Standing Orders" to clarify what can be declared a confidence vote, and empower MPs to have authority as to whether the government of the day has the confidence of the House, was defeated 269-55.
While the Bloc Quebecois and Green caucuses sided with the New Democrats, both Prime Minister Justin Trudeau and Conservative Leader Pierre Poilievre and their caucuses cast their votes against the motion.
🍁 Maple Chronicles
Liberal and Conservative MPs have defeated an NDP attempt to change the rules that govern the House of Commons in a series of ways that sought to instill democratic controls on the prime minister's powers.
It's a move the motion's sponsor, NDP MP Daniel Blaikie, says will maintain the potential for future Canadian leaders to "abuse" their power and "put the House of Commons under their thumb."
On Wednesday afternoon, Blaikie's proposal to change the rules known as "Standing Orders" to clarify what can be declared a confidence vote, and empower MPs to have authority as to whether the government of the day has the confidence of the House, was defeated 269-55.
While the Bloc Quebecois and Green caucuses sided with the New Democrats, both Prime Minister Justin Trudeau and Conservative Leader Pierre Poilievre and their caucuses cast their votes against the motion.
🍁 Maple Chronicles
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Millions of Canadians are turning to food banks
A new report from Food Banks Canada shows in March of this year, nearly 2 million people visited a food bank. That’s an increase of just over 32 per cent from last year and a jump of more than 78 per cent from 2019.
The national agency says these figures represent a new record and there are growing concerns things will only get worse.
Almost 70 per cent of food bank users are renters, the report finds. Others have jobs that need extra help, and one-third are children.
Food Banks Canada says the main reasons why people are reaching out are because of high food and housing costs, expensive gas, and low wages.
🍁 Maple Chronicles
A new report from Food Banks Canada shows in March of this year, nearly 2 million people visited a food bank. That’s an increase of just over 32 per cent from last year and a jump of more than 78 per cent from 2019.
The national agency says these figures represent a new record and there are growing concerns things will only get worse.
Almost 70 per cent of food bank users are renters, the report finds. Others have jobs that need extra help, and one-third are children.
Food Banks Canada says the main reasons why people are reaching out are because of high food and housing costs, expensive gas, and low wages.
🍁 Maple Chronicles
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Canadian government cracks down on foreign student admissions
Prime Minister Justin Trudeau’s government is introducing new measures to tighten standards on colleges, responding to criticism that Canada’s education sector is bringing in so many foreign students that it’s boosting pressure on housing and the labour market.
Immigration Minister Marc Miller announced a framework on Friday that will push universities and colleges to set a higher standard for services, support and outcomes for international students, starting in time for the fall 2024 semester.
Schools that meet the higher benchmark will get priority for the processing of student visas, Miller said, and adequate housing will be one of the criteria.
Institutions also will be required to confirm every applicant’s acceptance letter directly with the federal government starting Dec. 1.
The plan comes amid growing concern that Canadian educational institutions rely too much on international students as a source of funding. Foreign students are charged an average of five times as much as Canadian students.
🍁 Maple Chronicles
Prime Minister Justin Trudeau’s government is introducing new measures to tighten standards on colleges, responding to criticism that Canada’s education sector is bringing in so many foreign students that it’s boosting pressure on housing and the labour market.
Immigration Minister Marc Miller announced a framework on Friday that will push universities and colleges to set a higher standard for services, support and outcomes for international students, starting in time for the fall 2024 semester.
Schools that meet the higher benchmark will get priority for the processing of student visas, Miller said, and adequate housing will be one of the criteria.
Institutions also will be required to confirm every applicant’s acceptance letter directly with the federal government starting Dec. 1.
The plan comes amid growing concern that Canadian educational institutions rely too much on international students as a source of funding. Foreign students are charged an average of five times as much as Canadian students.
🍁 Maple Chronicles
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Montreal bans natural gas, oil and propane in new buildings
The City of Montreal is ruling out natural gas, oil and propane as an option for heating and cooking in all newly constructed buildings as part of a new bylaw.
Beginning in October 2024, all new buildings constructed with three floors or fewer will be banned from having any gas hookups as part of a bylaw approved by Montreal’s executive committee. The ban will be extended to larger buildings by April 2025.
Any building that has not been granted a permit by the announced deadline will be subjected to the new requirements, meaning that they will not be allowed to have gas stoves, water heaters or heat pumps for hot tubs and pools.
Propane, natural gas and heating oil all fall under the new ban. Buildings that are hooked up to existing urban heating networks and industrial buildings will be exempt.
#Quebec #energy
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The City of Montreal is ruling out natural gas, oil and propane as an option for heating and cooking in all newly constructed buildings as part of a new bylaw.
Beginning in October 2024, all new buildings constructed with three floors or fewer will be banned from having any gas hookups as part of a bylaw approved by Montreal’s executive committee. The ban will be extended to larger buildings by April 2025.
Any building that has not been granted a permit by the announced deadline will be subjected to the new requirements, meaning that they will not be allowed to have gas stoves, water heaters or heat pumps for hot tubs and pools.
Propane, natural gas and heating oil all fall under the new ban. Buildings that are hooked up to existing urban heating networks and industrial buildings will be exempt.
#Quebec #energy
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Public support for immigration falls sharply amid affordability concerns
Public support for immigration has fallen sharply over the past year as Canadians increasingly tie affordability and housing concerns to a historic influx of newcomers, according to survey results published on Monday.
Forty-four per cent of Canadians think immigration levels are too high, up from 27 per cent last year, according to a survey conducted by the Environics Institute for Survey Research, in partnership with the Century Initiative, an organization that advocates for Canada’s population to hit 100 million by 2100.
This was the largest change in sentiment between surveys that Environics has observed in four-plus decades of polling on the topic. Just a year ago, public support for immigration was stronger than ever, Environics found.
The survey was published just before the federal government unveils its next three-year plan for immigration this week, covering 2024 to 2026. Last year, Ottawa said it was aiming to admit 500,000 permanent residents annually by 2025, part of a steady increase since the Liberal Party came to power in 2015.
#immigration #housing
🍁 Maple Chronicles
Public support for immigration has fallen sharply over the past year as Canadians increasingly tie affordability and housing concerns to a historic influx of newcomers, according to survey results published on Monday.
Forty-four per cent of Canadians think immigration levels are too high, up from 27 per cent last year, according to a survey conducted by the Environics Institute for Survey Research, in partnership with the Century Initiative, an organization that advocates for Canada’s population to hit 100 million by 2100.
This was the largest change in sentiment between surveys that Environics has observed in four-plus decades of polling on the topic. Just a year ago, public support for immigration was stronger than ever, Environics found.
The survey was published just before the federal government unveils its next three-year plan for immigration this week, covering 2024 to 2026. Last year, Ottawa said it was aiming to admit 500,000 permanent residents annually by 2025, part of a steady increase since the Liberal Party came to power in 2015.
#immigration #housing
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🏠Developer guests at Doug Ford family wedding got fast-track zoning approvals from government
There's fresh scrutiny of how Premier Doug Ford's government issued dozens of fast-track approvals to rezone select properties, some of them owned by developers who also stood to benefit from Greenbelt land swaps.
Minister's zoning orders (MZOs) are a powerful tool the province can use to expedite development on a specific parcel of land. At the stroke of a pen, a cabinet minister overrides local planning rules, avoids public consultation and changes what can be built on the property.
The Ford government has handed out MZOs at an unprecedented pace: at least 110 of them since 2019. By contrast, previous Liberal governments issued just 18 between 2003 and 2018.
A tally by the Ontario NDP finds that just four guests at a Ford family wedding reception benefited from as many MZOs as previous Liberal governments issued in total over the course of their 15 years in power.
#Ontario #housing
🍁 Maple Chronicles
There's fresh scrutiny of how Premier Doug Ford's government issued dozens of fast-track approvals to rezone select properties, some of them owned by developers who also stood to benefit from Greenbelt land swaps.
Minister's zoning orders (MZOs) are a powerful tool the province can use to expedite development on a specific parcel of land. At the stroke of a pen, a cabinet minister overrides local planning rules, avoids public consultation and changes what can be built on the property.
The Ford government has handed out MZOs at an unprecedented pace: at least 110 of them since 2019. By contrast, previous Liberal governments issued just 18 between 2003 and 2018.
A tally by the Ontario NDP finds that just four guests at a Ford family wedding reception benefited from as many MZOs as previous Liberal governments issued in total over the course of their 15 years in power.
#Ontario #housing
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Massive pro-Palestine rally in Ottawa calls on Canadian government to push for ceasefire
A pro-Palestinian rally marched its way through downtown Ottawa Sunday, calling for an immediate ceasefire in the Gaza region.
The rally started on Parliament Hill, with organizers demanding more action from the Canadian government as the ongoing conflict between Israel and Hamas continues.
#Ontario #protest
🍁 Maple Chronicles
A pro-Palestinian rally marched its way through downtown Ottawa Sunday, calling for an immediate ceasefire in the Gaza region.
The rally started on Parliament Hill, with organizers demanding more action from the Canadian government as the ongoing conflict between Israel and Hamas continues.
#Ontario #protest
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Tentative deal reached between Canadian autoworkers and Chrysler parent Stellantis
A tentative deal has been reached between Unifor and Stellantis for its Canadian plants and workers, according to the union.
In an emailed statement sent at 7:40 a.m., Unifor's director of communications, Kathleen O'Keefe said, "A tentative agreement has been reached with Stellantis ending strike action at all Unifor facilities."
8,200 of its members employed by automaker Stellantis went on strike at midnight after a contract deal could not be reached by deadline late Sunday.
🍁 Maple Chronicles
A tentative deal has been reached between Unifor and Stellantis for its Canadian plants and workers, according to the union.
In an emailed statement sent at 7:40 a.m., Unifor's director of communications, Kathleen O'Keefe said, "A tentative agreement has been reached with Stellantis ending strike action at all Unifor facilities."
8,200 of its members employed by automaker Stellantis went on strike at midnight after a contract deal could not be reached by deadline late Sunday.
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🚫Canada bans use of WeChat messaging app on government-issued devices
Canada is banning the use of the Chinese instant messaging application WeChat on any government-issued mobile devices, citing the need to keep "government information and networks secure."
Treasury Board President Anita Anand announced the immediate "risk-based" ban Monday, which is also being applied to the Russian Kaspersky suite of anti-virus and IT security applications.
These applications are being removed from all government-issued mobile devices, and users will be blocked from downloading these apps going forward.
🍁 Maple Chronicles
Canada is banning the use of the Chinese instant messaging application WeChat on any government-issued mobile devices, citing the need to keep "government information and networks secure."
Treasury Board President Anita Anand announced the immediate "risk-based" ban Monday, which is also being applied to the Russian Kaspersky suite of anti-virus and IT security applications.
These applications are being removed from all government-issued mobile devices, and users will be blocked from downloading these apps going forward.
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🇨🇦🇲🇽 Canadian among dozens killed by Hurricane Otis in Mexico
A Canadian was among dozens killed when Hurricane Otis hit Mexico's resort city of Acapulco last week, officials said Monday.
The Canadian had been living in Acapulco for some time and was not considered a tourist, local prosecutors said.
"Global Affairs Canada is aware of reports of the death of a Canadian citizen in Acapulco," the agency said in a statement. "Consular officials are in contact with local authorities to obtain additional information."
At least 45 people were killed when Otis roared ashore last Wednesday with devastating 266 km/h winds after strengthening so rapidly that people had little time to prepare.
#Mexico
🍁 Maple Chronicles
A Canadian was among dozens killed when Hurricane Otis hit Mexico's resort city of Acapulco last week, officials said Monday.
The Canadian had been living in Acapulco for some time and was not considered a tourist, local prosecutors said.
"Global Affairs Canada is aware of reports of the death of a Canadian citizen in Acapulco," the agency said in a statement. "Consular officials are in contact with local authorities to obtain additional information."
At least 45 people were killed when Otis roared ashore last Wednesday with devastating 266 km/h winds after strengthening so rapidly that people had little time to prepare.
#Mexico
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Poilievre calls on Liberals to exempt all forms of home heating from carbon price
Conservative Leader Pierre Poilievre is calling on the Liberals to exempt all forms of home heating from the carbon price, after Prime Minister Justin Trudeau announced a temporary exemption that only applies to home heating oil.
The federal government announced last week that it is increasing the carbon price rebate for rural Canadians and lifting the carbon price off home heating oil entirely for the next three years.
Poilievre wrote a letter to Trudeau on Sunday urging the government to expand the exemption to all forms of home heating, including natural gas, which is more common in Western Canada.
"In pausing the tax on home heating oil until after the election, however, you plan to keep the tax on lower-emitting natural gas heat for which bills will be jumping even further in mere weeks as it gets colder," wrote Poilievre.
"That is why common sense Conservatives are offering our full co-operation to pass an emergency bill tomorrow to axe the carbon tax on all forms of heat before winter heat bills hit Canadians next month."
#Poilievre #Trudeau
🍁 Maple Chronicles
Conservative Leader Pierre Poilievre is calling on the Liberals to exempt all forms of home heating from the carbon price, after Prime Minister Justin Trudeau announced a temporary exemption that only applies to home heating oil.
The federal government announced last week that it is increasing the carbon price rebate for rural Canadians and lifting the carbon price off home heating oil entirely for the next three years.
Poilievre wrote a letter to Trudeau on Sunday urging the government to expand the exemption to all forms of home heating, including natural gas, which is more common in Western Canada.
"In pausing the tax on home heating oil until after the election, however, you plan to keep the tax on lower-emitting natural gas heat for which bills will be jumping even further in mere weeks as it gets colder," wrote Poilievre.
"That is why common sense Conservatives are offering our full co-operation to pass an emergency bill tomorrow to axe the carbon tax on all forms of heat before winter heat bills hit Canadians next month."
#Poilievre #Trudeau
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Forwarded from Blood Meridian
🇵🇦🇨🇦 Panama announces referendum on mine deal, First Quantum shares sink 28 per cent
🔻Shares in First Quantum Minerals closed down 28% on Monday after Panama's government said it will hold a referendum on whether to scrap a mining contract awarded to the Canadian mining company earlier this month.
The decision from Panama's president to hold a binding referendum on Dec. 17 comes after thousands of people took to the streets to protest the contract finalized on Oct. 20 for the Canadian company's local unit to operate open-pit mine Cobre Panama.
Demonstrations continued on Monday, with protesters criticizing both the deal and the mine's environmental costs and calling for the government to annul the contract.
🔻Panama's government and the company agreed to a contract, that would guarantee Panama annual income of $375 million while allowing First Quantum's local unit to operate the Cobre Panama mine for at least 20 years.
Cobre Panama represents nearly 5% of Panama's gross domestic product and 1.5% of global copper production.
🔎 Source
#Canada #Panama #resources
☠️ Blood Meridian
🔻Shares in First Quantum Minerals closed down 28% on Monday after Panama's government said it will hold a referendum on whether to scrap a mining contract awarded to the Canadian mining company earlier this month.
The decision from Panama's president to hold a binding referendum on Dec. 17 comes after thousands of people took to the streets to protest the contract finalized on Oct. 20 for the Canadian company's local unit to operate open-pit mine Cobre Panama.
Demonstrations continued on Monday, with protesters criticizing both the deal and the mine's environmental costs and calling for the government to annul the contract.
🔻Panama's government and the company agreed to a contract, that would guarantee Panama annual income of $375 million while allowing First Quantum's local unit to operate the Cobre Panama mine for at least 20 years.
Cobre Panama represents nearly 5% of Panama's gross domestic product and 1.5% of global copper production.
🔎 Source
#Canada #Panama #resources
☠️ Blood Meridian
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