PANAMA CITY, June 4 (Reuters) – Panamanian President-elect Laurentino Cortizo said on Tuesday his government would review a mining contract awarded to a subsidiary of Canada’s First Quantum Minerals, casting a cloud of uncertainty around a key project for the firm.
While the new government values the security of contracts, “the company has to respect that we have the right as Panamanians to review clause by clause,” Cortizo, who takes office on July 1, told reporters.
A spokesman for First Quantum Minerals did not immediately respond to a request for comment.
The Toronto-based company owns 90 percent of Minera Panama, which was awarded the concession for the Cobre Panama project in 1997, according to First Quantum’s website.
The Cobre Panama project, which is expected to double output by 2022 after its on-going ramp-up is completed, is largely seen as a way for First Quantum to offset the risks the company faces in Zambia.
For the rest of this article: https://finance.yahoo.com/news/1-panama-president-elect-says-213244927.html