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Saturday, May 25 2019 @ 10:52 AM UTC

Martinelli Says Foreign Business Interests Are Behind Mining Protests

Gold & Mining The President of the Republic, Ricardo Martinelli, blamed political groups and foreign companies this morning, for the protests that have been organized against the reforms to the Code of Mineral Resources. Martinelli said these companies do not want any more copper mines to be developed anywhere in the world, so they can continue to maintain a monopoly and high prices. The president said on channel 13 Telemetro Report that they will get it done, referring to the reforms to the Mining Code. "We are not going to do anything that has anything to do with destroying the environment and rivers, all we are seeking is for the state to have more resources," said Martinelli. He added that they are also trying to develop employment opportunities for the Indians. The President said there are people who are taking advantage of the situation to cause chaos and unrest among the Panamanians. (La Prensa)

Editor's Comment: There are more than 100 million tons of copper in the ground at Cerro Colorado waiting to be exploited. That's 200 billion pounds of copper. A quick check of the Kitco spot copper price tells me copper is currently being traded $4.55 per pound. Translation = the copper in the ground under Cerro Colorado has a current value of $910 billion dollars. That's right, almost one TRILLION dollars. I have to assume that Ricardo Martinelli has some kind of intelligence information to back up his public statements today. I already know the every-day knuckleheads like the SUNTRACS, Frenadeso, Conato, and PRD are going to be stirring up as much trouble as possible, the same way they did in Changuinola. These are the guys who are "taking advantage of the situation to cause chaos and unrest." But guys, when you're playing with a deck of cards that's marked in the trillions of dollars, you can promise just about anything to anyone to buy their cooperation. Maybe Raisa Banfield would like to be Panama's new Ambassador to Greenland? Get it? Green. Land? Environmentalist? OK, it was a stretch...

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