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TORONTO – First Quantum Minerals Ltd. says the bill enacting its mining concession contract for its Cobre Panamá copper mine has become law.

The mining company says the enactment marks the final step in revising the legal framework for the mine in Panama.

First Quantum chief executive Tristan Pascall says the company is committed to the obligations of the contract and to responsible stewardship of the mine.

The company and Panama’s government reached a deal in March to end a dispute over profit sharing at the mine.

The 20-year agreement includes substantially higher payments to Panama and has a 20-year extension option.

With publication in Panama’s official gazette, the company says payments to cover taxes and royalties up to the end of 2022 of about US$395 million and certain amounts for 2023 corporate tax instalments, withholding taxes and quarterly royalty payments will be due within 30 days.

This report by The Canadian Press was first published Oct. 23, 2023.

Companies in this story: (TSX:FM)

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