Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Panama’s president, Laurentino Cortizo, said on Monday the government has presented Canadian miner First Quantum Minerals a final contract to regulate operations.
Cortizo, during a speech to the nation, vowed to abide by the constitution in the negotiations and to establish a “fair relationship” between the parties.
The two sides are at odds over such issues as contract stability and the government’s plan to increase annual royalties to $375 million, which has been at the forefront of discussions.
Crispiano Adames, president of the country’s National Assembly, said during a separate speech he had proposed a new mining code to avoid the needs of Panama being put behind those of multinational companies.
(By Milagro Vallecillos; Editing by Anthony Esposito and Matthew Lewis)
3 Comments
Night Rider
Another banana republic. Don’t touch them!
Jeff Dale
Ok, you can leave anytime you want.
BYE!
BOB HALL
Many jurisdictions have found that while you can pluck the goose forever you can only kill it once. $375 million can destroy a company but not make a bit of difference to a nation. Personal pride is what is really at stake.