First Quantum to hold board meeting in Panama - source
MEXICO CITY – 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 amortisation (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 December 23, the government said.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.
VISIT SHOWROOM
ECG provides specialised electrical engineering services to the Mining, Utilities, Materials Handling and Industrial industries, with extensive and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
