A Canadian company claimed the government of Panama has cut off talks with it, resulting in the closure of a huge copper mine.
The open pit copper mine Cobre Panamá, run by Panamanian Mining company Minera Panamá, a subsidiary of Canada's First Quantum Minerals Ltd., stands in Donoso, Panama, Dec. 6, 2022. Panama’s president announced on Dec. 15, 2022 that the government ordered the company to cease operations after it failed to sign a new contract outlining substantially higher payments to the government.
Canada’s First Quantum Minerals Ltd. said in a statement that it had been negotiating with the government of Panama, which wants vastly increased royalty payments of $375 million per year from the company.
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