- Write by:
-
Thursday, February 2, 2023 - 12:28:01
-
172 Visit
-
Print
Mining News Pro - Directors of First Quantum Minerals will meet in Panama this week for a board meeting, a source close to the Canadian company said on Wednesday, in the midst of a longstanding dispute over its contract with the government to operate a major copper mine.
Panama’s government and First Quantum are negotiating a contract for the operations of the Cobre Panama mine, with taxes and royalties at the forefront of discussions.
The board meeting had been previously scheduled, and there are no plans at this time for executives to meet with the government, the source said.
“They will visit the mine in a show of commitment to Cobre Panama and its employees,” the source added about the visit of directors and members of the executive management team.
A spokesperson for the company did not immediately reply to a request for comment.
Both parties are negotiating under pressure since Panama’s government issued an order for the firm to halt its mining operations, and First Quantum started arbitration proceedings.
The Canadian miner said it would suspend a “significant amount” of jobs if forced to halt its Panamanian operations.
The Cobre Panama mine is a lucrative asset. It accounted for more than half of First Quantum’s earnings before interest, tax depreciation and amortization (EBITDA) in 2021 and represents about 3.5% of Panama’s gross domestic product.
Panama’s commerce and industry minister Federico Alfaro told Reuters in January his preferred outcome is to reach a deal with the miner before the 90-day cooling period stipulated in the arbitration under a Canada-Panama trade pact ends.
The 90-day period started on Dec. 23, the government said.
Short Link:
https://www.miningnews.ir/En/News/622644
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Chile President Gabriel Boric said on Thursday he is targeting an increase in the country’s annual copper output by 1 ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Copper miner Antofagasta Plc is holding meetings with investors this week for its first dollar bond offering in nearly ...
Copper needs to reach $12,000 a ton — a 20% jump from this week’s high — to incentivize large-scale investments in new ...
Teck Resources, Canada’s largest diversified miner, saw its copper production jump by 74% in the first three months of ...
Aurubis AG, Europe’s largest refined copper producer, has started a project in its Bulgarian smelter which will expand ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
No comments have been posted yet ...