2023-03-06 11:58:13 ET
Panama's President Laurentino Cortizo said talks between his government and First Quantum Minerals ( OTCPK:FQVLF ) over the operation of the Cobre Panama copper mine are in the "final stretch ," with only one point still to be resolved.
Last week, a lawyer advising the government reportedly said while two issues were almost resolved, a third issue regarded as an "economic aspect" involving tax deductions, which the government believes would hurt its income from the mine in times of high production and prices.
First Quantum ( OTCPK:FQVLF ), which has been locked in a prolonged contract dispute with the government over taxes and royalties, suspended operations at the mine 10 days ago .
Prices for copper and other industrial metals are lower across the board Monday after China set a cautious target for ~5% economic growth this year .
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First Quantum talks in 'final stretch,' Panama's president says