Panama sees some progress in talks with First Quantum regarding contract for giant Cobre Panama copper mine
Panama’s government said negotiations with First Quantum Minerals about agreeing on a contract governing the company’s Cobre Panama copper complex, have shown signs of progress this week., is the latest development in a long-drawn-out dispute over control of one of the world’s largest new copper mines.
“We have advanced,” Alfaro said after an event to inaugurate the new board of the Panamanian exporters association in Panama City. The minister noted the parties will continue negotiating within the framework of a free trade agreement between Canada and Panama and international arbitration rules. “I prefer to see the glass half full I believe there’s an opportunity to agree on some legal discrepancies that still remain regarding the wording of the contract. I hope the company understands that the government’s position isn’t just a whim,” Alfaro told journalists.
The main bone of contention centres on taxes and royalties the Canadian miner should pay on its concession to the government of the Central America country.that Panama’s maritime authority had taken “several actions to obstruct operations” at the company’s Punta Rincon shipping terminal. These measures included, according to the Vancouver-based miner, “conducting extraordinary and unusual” inspections and instructing maritime pilots “not to provide service to vessels.
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