Weekly Report - 23 March 2023 (WR-23-12)

The government led by President Laurentino Cortizo and Canadian mining company First Quantum Minerals (FQM), which owns the major copper mine Cobre Panamá via its subsidiary Minera Panamá S.A. (MPSA), have announced a deal regarding a new concession contract. This follows major uncertainty regarding the future of Panama’s biggest single private foreign investment following the collapse of talks between the two sides at the end of last year [WR-23-01]. The latest agreement will come as a relief to the government given the significance of the project to Panama’s economy, representing some 4% of the country’s GDP, most of its export revenue, and providing some 40,000 direct and indirect jobs.