Canada’s First Quantum close to securing new deal for Panama copper mine – by Naimul Karim (Financial Post – January 11, 2023)

Not ‘very far away’ from striking a deal with the Panama government, company says

Canadian miner First Quantum Minerals Ltd. said it isn’t “very far away” from striking a deal with the Panama government to ensure that it can keep its flagship copper mine alive.

The company has been negotiating a new contract for the rights of the Cobre Panama mine, situated about 120 kilometres west of Panama City, for about a year, stopping briefly on Dec. 16 after the Panama government halted discussions and announced plans to suspend Quantum’s operations.

First Quantum chief executive Tristan Pascall said the company had agreed to pay Panama’s government US$375 million per year through taxes and royalties, a commitment that he described as “unique” in the world of taxation.

“We want to reach an agreement on the outstanding items without further delays, but it must be a mutually beneficial outcome that provides legal certainty,” Pascall said during a conference call on Jan. 10.

For the rest of this article: