After almost three months of uncertainty, Vancouver-based First Quantum and the Central American country earlier this week agreed to a new 20 year tax deal on the Cobre Panama copper mine
The pact prevented a shutdown of the mine that was ordered in Dec. by Panamanian president Laurentino Cortizo, after First Quantum missed a key deadline to sign a new agreement.
“We will just try to work and make sure that it happens as quickly as possible,” he said in an interview. Several important factors will determine the company’s taxable income, including the price of the commodity and its production volumes. From 2023 to 2025, First Quantum could end up paying less than the government’s targeted minimum of US$375-million if the commodity falls below US$3.25 a pound. On Friday, copper traded at around US$4.00 a pound.
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