Panama lawmakers to visit First Quantum mine amid contract debate
Some Panamanian members of congress will visit First Quantum's copper mine next week, as a vote looms on a contract which would guarantee the Central American government annual income of $375-million, a lawmaker said on Wednesday.
The contract is a hot issue in Panama where opponents object to its environmental impact and permits to broaden operations.
Juan Diego Vasquez, a member of the congressional trade commission holding consultations on the contract, told Reuters the visit is scheduled for Tuesday, adding he is aiming to change it to another day so more officials can attend.
Authorities from the government of President Laurentino Cortizo have said they will take any findings from the visit into account to clear any doubts about the contract among lawmakers and the population and mull appropriate changes.
"I am going to wait for the commission to finish that process and then we will evaluate... We have always been willing to listen and improve (the contract) to the extent that it can be improved, but at this moment I would not want to get ahead," Trade Minister Federico Alfaro Boyd told reporters on Tuesday.
Cortizo's administration and the Canadian miner agreed on the final text for a contract to operate the key Cobre Panama copper mine in March.
Boyd told Reuters at the time he was confident the text would get the green light from authorities. First Quantum did not immediately reply to a request for comment on the contract's future.
Panama is set to hold general elections next year. Most presidential candidates have come out in favor of the contract, but the reception has been mixed among lawmakers.
Hundreds of demonstrators gathered near Panama's presidency to protest the contract on Wednesday, demanding more environmental protection and fewer expansion permits.
Authorities said in March the country would receive about 10 times more money with the new contract than what it was getting under the previous deal.
First Quantum paid $57 million in royalties during 2022, from Cobre Panama's $3 billion sales revenue, according to company data.
Comments
Press Office
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