Panama and First Quantum Minerals are hardening battle lines in a dispute over how much tax the Canadian miner should pay on its concession for the Central American country's only major copper mine in operation, a key asset for both parties.
Exclusive rights to explore other minerals, enlarge the area of its concession, a $1 billion tax credit for its investment and a demand that no laws enacted after the new contract affect its operations were among the issues raised, the source said.
Meanwhile, other businesses circle the mine, which started production in 2019. Government records show at least two requests are under review to explore gold and other metals near First Quantum's concession. The firm has invested over $10 billion in the mine and paid only nominal dividends to shareholders during its initial years, according to company data.
Mining was the country's most dynamic sector during 2021, more than doubling in output. Fitch Ratings revised Panama's credit outlook to stable from negative in February, highlighting booming copper exports.
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