Canada’s first quantum executive talks with Panamanian minister: source According to Reuters

© Reuters. FILE PHOTO: A panoramic view of Minera Panama owned by Canada’s First Quantum Minerals in Donoso, Panama December 6, 2022. REUTERS/Aris Martinez

By Valentine Hilaire

PANAMA CITY (Reuters) – The CEO of Canada’s first quantum mining company (OTC:) met Panama’s minister of commerce and industry on Monday to discuss disagreements over operations the company’s operations in the country, said a person familiar with the matter.

Tristan Pascall, CEO of First Quantum (NASDAQ:) flew to Panama over Christmas to attend a face-to-face meeting with Minister Federico Alfaro, according to the source, who said further negotiations were already underway. plan.

The Department of Commerce and Industry did not immediately respond to a request for comment.

A spokesperson for First Quantum declined to comment.

The government and the mining company discussed an agreement that would increase annual tax payments to Panama by at least $375 million.

The Panamanian government ordered the company to cease operations at the Cobre Panama mine after both missed deadlines to reach an agreement.

According to the local government, the company started arbitration proceedings against the government a few days later.

Last week, a government official said the country was looking for a “fair” deal.

The mine accounts for about 3.5% of Panama’s gross domestic product, according to government data.


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