Panama president says final contract to First Quantum has been presented

Reuters | January 2, 2023 | 9:31 am Intelligence Top Companies Latin America Mexico and Central America Copper 
Panama shuts down First Quantum’s giant copper mine
President Laurentino Cortizo had previously ordered a halt of commercial operations at Cobre Panama. (Image courtesy of Government of Panama)

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)

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3 Comments

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  • 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.

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