Canadian firm blames Panama for closure of copper mine
A Canadian company is claiming the government of Panama cut off talks, resulting in the closure of a huge copper mine PANAMA CITY -- A Canadian company claimed Friday the government of Panama has cut off talks with it, resulting in the closure of a huge copper mine. 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. Analysts say the dispute threatens to have a huge economic impact in Panama, where the Cobre Panamá mine accounts for 3% of Panama’s gross domestic product, and poses a big challenge for the government, which will still have to administer the open-pit mine. First Quantum said in a statement Friday it had agreed to those payments, and “came very close to an agreement to secure the long-term future of the Cobre Panamá mine before the Government halted discussions.” The company said it wanted a protection clause in case me...