Tristan Pascall, the CEO of First Quantum, personally attended the meeting with minister Federico Alfaro in Panama, and further talks are planned.
The government and First Quantum have been negotiating a deal that would increase annual tax payments to Panama to a minimum of $375 million. However, the Panamanian government ordered First Quantum to halt operations at the Cobre Panama mine after the two parties failed to reach an agreement by the deadline. In response, First Quantum started arbitration proceedings against the government.
A government official stated last week that the country is seeking a "fair" deal with First Quantum. The Cobre Panama mine, which accounts for approximately 3.5% of Panama's gross domestic product, has been a significant contributor to the country's economy.
First Quantum and Panama Government Seek Resolution in Ongoing Dispute
Canadian mining company First Quantum Minerals and the government of Panama are continuing to hold talks to resolve their ongoing dispute. The Chief Executive Officer of First Quantum, Tristan Pascall, met with Panama's commerce and industry minister, Federico Alfaro, on Monday to discuss the disagreement over First Quantum's copper operations in the country. Further talks are scheduled as both parties seek a resolution.
The government and First Quantum have been negotiating a deal that would increase the mining company's annual tax payments to Panama to a minimum of $375 million. However, the Panamanian government ordered First Quantum to halt operations at the Cobre Panama mine after the two parties were unable to reach an agreement by the deadline. First, Quantum subsequently initiated arbitration proceedings against the government.
The Cobre Panama mine, which is a significant contributor to Panama's economy, accounts for approximately 3.5% of the country's gross domestic product. A government official indicated last week that the government is seeking a "fair" deal with First Quantum.
