Panama asks First Quantum to finalize Cobre Panama copper mine contract next month via CeciliaJamasmie
a deadline for Canada’s First Quantum Minerals to ink a long-awaited contract that allows the company to keep running its flagship Cobre Panama copper mine., when it began negotiations with the Ministry of Commerce and Industries of Panama to renew the contract for the mine.
First Quantum agreed as well to start paying 25% corporation tax, from which it was previously exempted until its investments at the mine were recovered. Ten months later, the new contract has yet to be completed, minister Federico Alfaro said, adding that the government has set Dec. 14, 2022 as the deadline for the parties to finish the deal.
“The future of Cobre Panama is critical to the people of Panama, its workers, and to First Quantum,” he. “We had a serious and frank conversation with First Quantum we were very clear about the required path forward for the execution of the contract,” Alfaro added. The new contract includes environmental protection measures, a closure plan as well as labour provisions based on current legislation. It also specifies the state must receive income greater than $400 million, considering“We must be ready for any scenario, including the possibility that the final contract is not signed,” Alfaro
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