First Quantum Minerals Ltd. hasn’t given up all hope of brokering an eleventh-hour deal with Panama to continue running a giant copper mine even after authorities ordered the suspension of operations.
that it “came very close to an agreement” over a new tax arrangement before the government pulled the plug on talks.“We have significant plans for the future of Cobre Panama that will benefit all Panamanians, and our goal remains to find a ‘win-win’ resolution with the government that will safeguard 40,000 jobs and protect our investment,” First Quantum said.
The intervention could have implications for the global copper market and Panama’s economy, and comes as other countries look to raise revenue for social spending while boosting investments in the raw materials crucial to weaning the world off fossil fuels.
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