- First Quantum today announced that its Panamanian subsidiary, Minera Panama, S.A. , has agreed and finalized the draft of a concession contract with the Government of Panama for the Cobre Panama mine.
According to a press release, 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. The proposed concession contract will have an initial 20-year term, with a 20-year extension option and additional extensions for the life of mine.
CEO Tristan Pascall commented, "After a lengthy and arduous negotiation process, the finalized Proposed Concession Contract outlines the basis for the future of Cobre Panama for all stakeholders, including the Government, our investors and the country of Panama. I am pleased that we now have a pathway to continuing our ongoing substantial investments in the country.