Cobre Panama is First Quantum’s biggest mine, and accounts for more than half of its net asset value
First Quantum and Panama had been in talks for more than a year to try to hammer out a new profit-sharing agreement to replace the existing pact that sees the company pay a royalty based on a percentage of its revenue. First Quantum faced a deadline of midnight Wednesday to strike a new pact, but on Thursday morning the two sides announced they were at an impasse.
While the move by Panama’s president to shut down the mine is drastic, it’s far from the worst case scenario for First Quantum, because it leaves the door open for the two to reach an agreement at a later date. Other Canadian miners have in the past seen their mines nationalized after clashing with foreign governments. Centerra Gold Inc.’s flagship Kumtor mine was seized by the Kyrgyz Republic and eventually the gold miner was forced to sell it at a fraction of its worth to the government.
The Mining Chamber of Panama earlier this week urged the government to reach an agreement with First Quantum, saying in a release that Pamana needs to attract international investment to boost the economy, and create jobs. First Quantum is the biggest private sector investor in Panama and along with its predecessor company, it has invested in excess of US$10-billion into the country.Kinross Gold Corp.
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First Quantum and Panama fail to reach agreementCanadian mining company First Quantum Minerals and the government of Panama have failed to reach an agreement governing the operation of the Cobre Panama mine. Commerce and Industries Minister Frederico Alfaro Boyd said in a statement that the President would provide an update about efforts to finalise a contract with First Quantum and its local subsidiary, Minera Panama SA (MPSA), later on Thursday.
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