Panama’s government ordered Vancouver’s First Quantum Minerals on Thursday to pause operations at its flagship copper mine in the country
Photo by Aris MartinezFirst Quantum estimates the Cobre mine to produce 340,000 to 350,000 tonnes of copper in 2022, accounting for more than 40 per cent of the company’s overall copper output. The company has spent US$6 billion building the Cobre Panamá open-pit mine, where operations began in 2019.
The miner said earlier Thursday the deal was not finalized because “necessary legal protections on termination, stability and transition arrangements could not be agreed.” Authorities and the company began negotiating a new concession contract late last year after Panamanian President Laurentino Cortizo promised to extract better benefits for the country from the copper mine.
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