Panamanian President-elect Laurentino Cortizo said on Tuesday his government wou...
FILE PHOTO: Panamanian President-elect Laurentino Cortizo speaks after received from Panama's Electoral Council President Nivia Castrellon, the certificate that formally installs him as the country's next president in Panama City, Panama May 10, 2019. REUTERS/Erick Marciscano
While the new government values the security of contracts, “the company has to respect that we have the right as Panamanians to review clause by clause,” Cortizo, who takes office on July 1, told reporters.The Toronto-based company owns 90 percent of Minera Panama, which was awarded the concession for the Cobre Panama project in 1997, according to First Quantum’s website.
First Quantum’s shares have been hammered over the last few months after the government of Zambia, which accounts for about 80% of its non-Panamanian production, appointed a provisional liquidator for rival Vedanta Resources’ Konkola Copper Mines, stoking fears of resource nationalism in the highly indebted country.
Panama’s Ministry of Commerce and Industries has projected that the mine’s operations would boost the country’s growth in the coming years as more than 1,000 local suppliers provide services and products.
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