Negotiations over Cobre Panama mine contract close to finish

When kicking off negotiations in September, the nation’s Minister of Commerce and Trade, Ramón Martínez, stated the contemporary settlement must set “fairer circumstances” for the nation. In any other case, “a unique firm must come”. 

Whereas Martínez didn’t present particulars on the standing of the talks on Wednesday, he stated that they need to be accomplished by the tip of January on the newest. 

Cobre Panama is estimated to carry 3.1 billion tonnes in confirmed and possible reserves. It has generated some $6.7 billion in personal funding, and consists of two open pits, a processing facility, two energy vegetation and a port.

The mine contributes 3.5% of the Central American nation’s gross home product, in response to authorities figures, and at full capability can produce greater than 300,000 tonnes of copper per yr.

Minera Panama’s concession was accredited in 1997 and initially granted to Canada’s Inmet Mining Company, which was acquired by First Quantum in 2013.

First Quantum produced 600,000 tonnes of the steel within the first 9 months of 2021 and was anticipated to attain its annual goal of between 800,000 and 835,000 tonnes.

The corporate, which is the world’s sixth largest copper miner, is internet hosting a digital Capital Markets Day on Jan. 18, throughout which it’s going to define the corporate’s technique for the following three years together with steering and progress alternatives.

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Written by colin


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