Director General First Quantum talks in Panama with minister about mining operation

The CEO of the Canadian First Quantum MineralsTristan Pascall, met in Panama with the local Minister of Commerce and Industry, Federico Alfaroto discuss the operation of a copper mine in the country, a source familiar with the talks said on Monday.

The Panamanian government ordered the company to halt operations at the Cobre Panama mine in mid-month after the parties missed a deadline to reach an agreement and on Saturday reported that the company had initiated international arbitration proceedings over the dispute.

Pascall traveled to Panama over Christmas to attend the meeting in person with the minister, Federico Alfaro, according to the source, who added that more talks are planned.

The Ministry of Commerce and Industries did not immediately respond to a request for comment. A First Quantum Minerals spokesman declined to comment.

A government official revealed last week that the country was seeking a “fair” deal.

The agreement that was originally being negotiated would have increased the annual payments of taxes to the Central American nation to at least 375 million dollars.

The copper mine panama represents approximately the 3.5% of the country’s gross domestic product where it operates, according to government figures.