Panama reaches 20-year deal with Canadian copper mine

PANAMA CITY (AP) — Panama’s government says it has reached an agreement with a local subsidiary of a Canadian mining company that will allow it to operate for 20 years more. The government had ordered the company to cease operations at its huge open pit copper mine in December, after it failed to sign a new contract outlining substantially higher payments. Minera Panama is a subsidiary of Canada’s First Quantum Minerals Ltd. and is the largest private investment in the history of Panama. President Laurentino Cortizo’s office said in a statement Thursday that the government expects to receive $375 million per year in royalty, tax or transfer payments under the new deal.