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Top related persons:
Federico Alfaro - 1 Alfaro - 1 Laurentino Cortizo - 1 Jorge Rivera - 1 Cortizo - 1 Rivera - 1 Eli Moreno - 1 Brendan O'Boyle - 1
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PANAMA Panama Lincoln
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PANAMA CITY - 1 Panama's Trade - 1 Central American - 1 Thomson - 1

Search resuls for: "Federico Alfaro"


5 mentions found


☆ Panama trade minister resigns after mining contract backlash
  + stars: | 2023-11-30 | by ( Elida Moreno | ) www.reuters.com   time to read: +1 min
PANAMA CITY, Nov 30 (Reuters) - Panama's Trade Minister Federico Alfaro announced his resignation on Thursday days after the country's top court ruled a contract between the government and Canadian miner First Quantum < FM.TO> was unconstitutional. The Central American country's trade ministry led negotiations on a contract between the government and First Quantum to operate a key copper mine, which opponents have deemed as too generous to the miner. In a resignation letter addressed to the president and shared on social media, Alfaro mentioned the contract, which generated months of protest throughout Panama, as well as the court ruling. Cortizo announced on Tuesday he will follow through with First Quantum's mine shutdown once the court's ruling is published in the country's official gazette, which has not yet happened. Incoming trade minister Rivera said in a separate public statement the ministry is evaluating actions to comply with the court's ruling and will start coordination talks with labor and environmental authorities.
Persons: Federico Alfaro, Alfaro, Laurentino Cortizo, Jorge Rivera, Cortizo, Rivera, Eli Moreno, Brendan O'Boyle, Isabel Woodford Organizations: PANAMA CITY, Panama's Trade, Central American, Thomson Locations: PANAMA, Panama, Lincoln
☆ Exclusive: First Quantum warns employees that Panama mine may close if dispute is not settled
  + stars: | 2023-02-17 | by ( Valentine Hilaire | ) www.reuters.com   time to read: +2 min
A long-running contract dispute between the Canadian miner and Panama officials centers on disagreements over tax rates and royalties at the Cobre Panama mine. In the latest twist, Panama's maritime authority last month ordered First Quantum to suspend copper concentrate loading operations at a major port, essentially blocking the company from shipping and selling its copper. The Vancouver-based company said the maritime authority had told it that the suspension was due to the scale it was using not being properly calibrated. "If concentrate is not shipped by next week, these technical frustrations may force Cobre Panama to enter care and maintenance or suspend operations," he said. Panama's maritime authority did not immediately reply to a request for comment.
☆ Clock not yet ticking for First Quantum to halt Panama mine -minister
  + stars: | 2023-01-11 | by ( Valentine Hilaire | ) www.reuters.com   time to read: +2 min
FILE PHOTO: A general view of Minera Panama owned by Canada's First Quantum Minerals in Donoso, Panama December 6, 2022. But the company must still make a $375 million payment to the government for its 2022 operations, even when it was operating without a contract, Minister Federico Alfaro told Reuters. The company has until this Friday to appeal the order, said Alfaro, who has been leading negotiations with First Quantum. Contract termination terms are among the sticking points to reach an agreement, the minister said. The government hopes to reach a deal with the firm via regular meetings with First Quantum representatives, said Alfaro.
☆ Canada's First Quantum CEO holds talks with Panama minister: source
  + stars: | 2022-12-26 | by ( Valentine Hilaire | ) www.reuters.com   time to read: +1 min
PANAMA CITY, Dec 26 (Reuters) - The Chief Executive Officer of Canadian miner First Quantum Minerals met Panama's commerce and industry minister on Monday to discuss disagreements over the firm's copper operations in the country, a person familiar with the matter said. First Quantum (FM.TO) CEO Tristan Pascall flew to Panama over Christmas to attend the meeting in person with the minister, Federico Alfaro, according to the source, who said further talks are planned. The government and the mining company have been discussing a deal that would have increased annual tax payments to Panama to at least $375 million. The Panamanian government ordered the firm to halt operations at the Cobre Panama mine after they both missed a deadline to reach an agreement. The mine accounts for roughly 3.5% of Panama's gross domestic product, according to government figures.
☆ Canada 'keen' on resolution for First Quantum in Panama
  + stars: | 2022-12-23 | by ( Steve Scherer | ) www.reuters.com   time to read: +2 min
After efforts to reach a deal failed, Panama on Dec. 15 said First Quantum must shut down its Cobre Panama mine. The Cobre Panama mine is considered the largest private investment in the Central American country, accounting for roughly 3.5% of its gross domestic product. First Quantum reported revenue from Cobre Panama of $2.29 billion in the first nine months of this year. The dispute centers around Panama seeking an increase in annual payments to at least $375 million. Though mainly focused on copper, First Quantum also mines nickel, zinc and cobalt in projects across South America, Africa, Europe and Australia.
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