First Quantum’s CEO suggested in comments earlier this week that significant progress had been made in resolving the dispute
for allegedly misrepresenting the tenor of their talks, saying claims of progress made in recent weeks “do not reflect the reality of the situation.”last month, with president Laurentino Cortizo ordering the giant Cobre Panama mine in the country to shut down.
“There are more than a “few” disagreements that remain between Panama and Minera Panama. The parties disagree on certain fundamental issues such as royalties, deductions for depletion, international measures to mitigate tax avoidance, value added tax, scope of easements, material breach, termination, and others,” the ministry said in a statement to the Globe and Mail.
Mr. Pascall on Tuesday said that the company has recently conceded more than US$250-million in tax credits, and agreed to limit the value of credits it would use per year from now on, in an attempt to assuage the concerns of Panama. First Quantum is currently planning on closing the mine per the government’s order, but has filed an appeal in an attempt to reverse the decision.
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