Panama's government and Canada's First Quantum Minerals agreed on the final text for a contract to operate a key copper mine, according to a statement signed by both parties Wednesday.
A general view of Cobre Panama mine owned by Canada’s First Quantum Minerals in Donoso, Panama December 6, 2022. REUTERS/Aris Martinez/File Photoagreed on the final text for a contract to operate a key copper mine, according to a statement signed by both parties Wednesday.
The new contract guarantees a minimum annual income of $375 million to the Central American government, and will be effective for 20 years with the option to renew for 20 more. "With this contract, Panama expects to receive about ten times more than what it was getting" under the previous contract, the statement added.
The Canadian firm's Chief Executive Officer Tristan Pascall told Reuters he met with the Panamanian president after finalizing the text and ensured it guarantees "stable and durable" operations. First Quantum paid $61 million in royalties to Panama's government in 2021, while the Cobre Panama mine posted sales revenues of $3.2 billion for the year, company data showed.
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