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Top related persons:
Laurentino Cortizo - 2 Federico Alfaro - 1 Alfaro - 1 Jorge Rivera - 1 Cortizo - 1 Rivera - 1 Eli Moreno - 1 Brendan O'Boyle - 1
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PANAMA Panama Lincoln Panama's Panama City Central American Democratic Republic Of Congo Hollywood
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PANAMA CITY - 2 Thomson - 2 Panama's Trade - 1 Central American - 1 Minerals - 1 REUTERS - 1 Panama - 1 London Metal Exchange - 1

Search resuls for: "Panama's Trade"


3 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
☆ Panama's top court deals a blow to Canada's First Quantum, rules mining contract unconstitutional
  + stars: | 2023-11-28 | by ( Elida Moreno Valentine Hilaire Divya Rajagopal | Elida Moreno | Valentine Hilaire | ) www.reuters.com   time to read: +5 min
"We have decided to unanimously declare unconstitutional the entire law 406 of October 20, 2023," Supreme Court President Maria Eugenia Lopez said. First Quantum acknowledged the ruling and affirmed its "unwavering commitment to regulatory compliance in all aspects of our operations within the country." Panama President Laurentino Cortizo said the country will abide by the court ruling. For First Quantum, the Panama ruling would be a repeat of its decade-old experience in the Democratic Republic Of Congo. The company exited DRC in 2012 after it filed an arbitration procedure against the African country for cancelling its mining contract.
Persons: Aris Martinez, Maria Eugenia Lopez, Quantum, Laurentino Cortizo, Morgan, Ricardo Martinelli, Leonardo Di Caprio, Elida Moreno, Valentine Hilaire, Natalia Siniawski, Denny Thomas, Chizu Nomiyama, Mark Porter Organizations: Minerals, REUTERS, PANAMA CITY, Reuters, Panama, London Metal Exchange, Central, RBC, Democratic, Natural Resources Corporation PLC, Cobre, Thomson Locations: Panama's, Panama, Panama City, PANAMA, Central American, Democratic Republic Of Congo, Hollywood, Cobre Panama
☆ 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.
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