Panama says First Quantum Minerals has been operating without a contract since 2017, the latest sally in talks over a copper mine. Read on
First Quantum chief executive Tristan Pascall said in a call with analysts on the same day that despite the court’s decision, the Panama government had assured the company that the contract remained valid.Article content
“We want to reach an agreement on the outstanding items without further delays, but it must be a mutually beneficial outcome that provides legal certainty,” Pascall said during the Jan. 10 call. Pascall called Panama’s decision to put the mine under care and maintenance as “drastic” and “unnecessary.” He added that if the mine does suspend its operations, the company would be forced to cut a significant section of its local workforce.
The CEO also said the company intends to initiate international arbitration under the Canada-Panama Free Trade Agreement.
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