© Reuters. FILE PHOTO: A general view of Minera Panama owned by Canada’s First Quantum Minerals in Donoso, Panama December 6, 2022. REUTERS/Aris Martinez NO RESALES. NO ARCHIVES/File Photo
PANAMA CITY (Reuters) – Canadian based miner First Quantum (NASDAQ:) said Tuesday it will submit an appeal by the end of the day against Panama’s order to halt operations at the firm’s local mine in the midst of a contract dispute.
The Panamanian government and the Canadian miner have been at odds for more than a year over a new deal in which the Central American government aims to raise annual mining royalties to a minimum of $375 million.
Speaking at an investor call on Tuesday, the firm’s CEO Tristan Pascall also said First Quantum is prepared to agree to, and in part exceed, the objectives that the government outlined in January 2022 related to revenues, environmental protections and labor standards.
Among the sticking points in the negotiations are issues including legal protection against expropriation and early termination, as well as the long-term stability of the contract and royalties, Pascall added.
Be the first to comment