Question Period Note: Panama: Mining negotiations with First Quantum Mining

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About

Reference number:
00002-2023
Date received:
Feb 8, 2023
Organization:
Global Affairs Canada
Name of Minister:
Sidhu, Maninder (Hon.)
Title of Minister:
Minister of International Trade

Issue/Question:

In Jan. 2022, news articles indicating First Quantum was operating without contract, in the midst of negotiating a new contract, said Panama. The rocky negotiations have been getting media attention.

Suggested Response:

• First Quantum Mineral has been negotiating the terms of a new contract with the Government of Panama while operating under the terms of its current contract.

Background:

First Quantum Minerals' (FQM) Cobre Panama mining project has been in production since 2019. The open pit mine accounted for 5% of Panama's GDP and 80% of its exports in 2021. The $10 billion investment is the largest private investment in Panamá's history, and a critical contributor to the nation's economy. Directly and indirectly, it supports 40,000 jobs in Panamá and plays an important part in the economy through employment, training, contracts with local suppliers, social programs and other initiatives.

Additional Information:

None