Panama and First Quantum at loggerheads over Cobre Panama copper mine contract
about the Cobre Panama contract negotiations, saying it contained several inaccuracies that could misguide investors.with analysts that the parties had made significant in resolving the dispute over a new contract that would increase royalties paid by the company.The country’s Minister of Commerce and Industry Federico Alfaro noted that the government believes that the company’s most recent contract proposals had done nothing but move the two sides further apart.
It also noted the miner’s proposal on depletion shortens the number of years it will pay the guaranteed minimum sum, decreasing Panama’s fiscal take in high-copper-price and/or high-production scenarios. “This would make Panama’s fiscal take considerably lower than that of its comparator countries and results in an asymmetrical economic upside to the benefit of [First Quantum]”, Alfaro said.
These include a minimum of $375 million per year in government income from 2026 onwards, and a profit-based mineral royalty of 12 to 16%, with downside protections aligned with the government’s position.
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