‘The result will be binding,’ says Laurentino Cortizo of the Dec. 17 vote
is facing uncertainty over its ability to operate in Panama, after the country’s president called a referendum on its recently approved mining contract on Cobre Panama.
The Vancouver-based copper miner agreed on a new contract earlier in the year that would have seen it pay drastically higher taxes. But as the contract was making its way through Panama’s legislature, public opposition boiled over into street protests attended by thousands. The contract was denounced by environmentalists, Indigenous groups, labour activists and religious groups.on Sunday said he is calling a referendum to let the people decide whether to repeal the law that legalized First Quantum’s new contract. The referendum will be held on Dec. 17.Panama just over a week ago signed the new 20-year contract into law.
Under the agreement, the Canadian miner was expected to pay a minimum of US$375-million in taxes a year, or about nine times more than it had previously been paying. Cobre Panama is First Quantum’s biggest copper mine and represents close to 60 per cent of the company’s net asset value.
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