First Quantum estimates $1.7B in forgone economic contributions to Panama

First Quantum Minerals (TSX: FM) says its shuttered copper mine in Panama would have contributed more than $1.7 billion to the Latin American nation’s economy had it remained operational.In its annual tax transparency disclosure filed this week, the Canadian miner estimates that its Cobre Panama operation, which the government ordered to close in November 2023, would have contributed $500 million in government revenue, over $250 million in salary and wages and nearly $1 billion in local procurement last year under the tax regime in force before the suspension.Instead, the mine — which First Quantum still remains hopeful of reopening — contributed just a total of $378 million in 2024, a significant decline on the $1.83 billion from the year before, when it was mostly in full operations.Before that, Cobre Panama has been a major driver of socio-economic prosperity for Panama, contributing around 5% of its GDP and employing, directly and indirectly, more than 40,000 people, roughly 2% of the nation’s workforce, the company says.Since achieving commercial production in September 2019, the mine has been ramping up its copper output, culminating in an annual record of 350,000 tonnes produced in 2022. In October 2023, the month prior to its shutdown, Cobre Panama also recorded its highest-ever monthly throughput and copper output.One of the strangest chapters in copper mining is drawing to a closeAccording to First Quantum, the company has paid over $1.2 billion of direct government contributions in taxes, royalties and other payments since bringing Cobre Panama online.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com