According to SMM, after long negotiations, the President of Panama finally approved and authorized a new long-term contract for a copper mine, which covers the Cobre mine operated by the Canadian mining company First Quantum Minerals Ltd's subsidiary in the local area. The new contract guarantees that the Panamanian government will receive at least 375 million US dollars in revenue each year for a period of 20 years, with an option to renew. First Quantum paid a privilege fee of 61 million US dollars in 2021.