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Analysis-Emerging market central bank pivot plans face a Fedache

Panama and Canadas First Quantum agree on final text for contract

WikiFX

| 2023-03-09

Abstract：PANAMA CITY (Reuters) – Panama‘s government and Canada’s First Quantum Minerals agreed on the final text for a contract to operate a key copper mine, according to a statement signed by both parties.

PANAMA CITY (Reuters) – Panama‘s government and Canada’s First Quantum Minerals agreed on the final text for a contract to operate a key copper mine, according to a statement signed by both parties.

The new contract guarantees a minimum annual income of $375 million to the Central American government, and will be effective for 20 years with the option to renew for 20 more.

“With this contract, Panama expects to receive about ten times more than what it was getting” under the previous contract, the statement added.

The proposed concession contract is subject to a 30-day public consultation process and approvals by the Panamanian Cabinet, Comptroller General of the Republic and the National Assembly.

(Reporting by Valentine Hilaire and Milagro Vallecillo; Editing by Brendan OBoyle)

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