‘I don’t think we’re very far away,’ CEO Tristan Pascall said Tuesday in a call with analysts about the status of the talks
has made further concessions to Panama, as the big Canadian copper miner attempts to finalize a new tax agreement that would allow it to continue to operate in the country.
The mine hasn’t closed yet, but the company is preparing for the scenario that would put thousands of Panamanians out of work.that would see the Canadian miner pay drastically more taxes in Panama than it has in the past. While both parties are in broad agreement over the fiscal regime for the next few years, Panama is concerned about the framework from 2026 onward. First Quantum has agreed to pay Panama at least US$375-million in taxes, if copper trades above US$2.
Mr. Pascall added that some nuances still needed to be resolved before a final agreement is reached, including fine tuning the details concerning the tax credits, as well as firming up legal rights that would protect First Quantum against early termination of the agreement and expropriation of the mine.
The Globe on Monday reported that First Quantum has agreed to pay US$375-million for the 2022 tax year. From 2023 to 2025, First Quantum will pay at least US$375-million if copper trades above US$3.25 a pound and if its production is more than 250,000 tonnes.
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