The government of Panama and the Canadian company First Quantum Minerals They have reached an agreement on the final text of a contract to operate a crucial copper mine, according to a statement signed by both parties.
The new contract guarantees a minimum annual income of US$375 million for the government of the Central American country and will be valid for 20 years with the option to renew for 20 more.
“The contract guarantees an equitable distribution of royalties and taxes for the natural resources of Panama”, the statement said. “Panama expects to receive approximately 10 times what it received under the 1997 contract law″, he added.
The proposed concession contract is subject to a 30-day public consultation process and approval by the Panamanian Cabinet, the Comptroller General of the Republic and the National Assembly.
Source: Reuters
Source: Gestion
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