Panama President Confirms Final Contract Presented to Miner First Quantum, Reports Reuters

Panama City Update: Final Contract for First Quantum Minerals

Panama’s President, Laurentino Cortizo, announced on Monday that the government has delivered a final contract to Canadian mining company First Quantum Minerals to regulate its operations within the country.

In his address to the nation, Cortizo emphasized his commitment to upholding the constitution during the negotiations and to fostering a "fair relationship" between the government and the mining company.

The ongoing discussions have been complicated by disagreements over vital issues such as contract stability and the government’s intention to raise annual royalties to $375 million, which has become a central topic of debate.

Crispiano Adames, the president of Panama’s National Assembly, also proposed a new mining code in a separate speech, aiming to ensure that the needs of Panama are prioritized over the interests of multinational companies.