Panama and First Quantum agree on contract to operate Cobre Panamá copper mine

Published: Mar 14, 2023 10:07

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The statement revealed that the new contract guarantees Panama a minimum annual revenue of $375 million and is valid for 20 years with an option to renew for another 20 years. With this contract, Panama is expected to earn ten times more than the previous contract. Previous data from First Quantum showed that the company paid $61 million in royalties to the Panamanian government in 2021, while sales of the Cobre copper mine were $3.2 billion that year. First Quantum chief executive Tristan Pascall said both parties had agreed to all new economic terms. He met with Panama's president after finalizing the text of the contract and ensuring the "stable and lasting" operation it guaranteed.

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