First Quantum Minerals Ltd. says it has reached an agreement to settle its dispute with the government of Panama over profit-sharing at the Canadian miner's Cobre Panama mine.
Under the finalized draft concession agreement, the company will make a payment of US$375 million plus an additional US$20 million to cover taxes and royalties up to the end of 2022.
Starting in 2023, the deal provides for a minimum of US$375 million a year in government income, including corporate taxes, withholding taxes and a profit-based mineral royalty of 12 to 16 per cent, with downside protections.
The company also says the Panama Maritime Authority will issue a resolution that will allow concentrate loading operations to resume at the port for the mine. Ore processing, which had been suspended, is expected to resume and restore the mine to full production levels over the next several days.
The proposed deal is subject to a 30-day public consultation process and requires formal approval.
It will have an initial 20-year term, with a 20-year extension option and additional extensions for the life of mine.
This report by The Canadian Press was first published March 8, 2023.
Software company Mustimuhw Information, which develops medical records systems built on a foundation of Indigenous traditions and values, is allowing health providers to capture data informed by cultural practices.
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A federal law enforcement agency confirmed it's opened an investigation into Robert F. Kennedy Jr. after he allegedly cut off the head of a dead whale and took it home two decades ago.
Mexican President Andres Manuel Lopez Obrador blamed the United States in part on Thursday for the surge in cartel violence terrorizing the northern state of Sinaloa which has left at least 30 people dead in the past week.
In a closely watched First Amendment rights case, a former University of Wisconsin campus chancellor who was fired after making pornographic films with his wife prepared to argue Friday for keeping his tenured teaching position even as he faces removal for unethical behavior.
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Prime Minister Justin Trudeau tapped Treasury Board President Anita Anand to take on additional duties as Canada's minister of transport on Thursday.
Conservative Leader Pierre Poilievre and NDP Leader Jagmeet Singh got into a heated exchange in the House of Commons on Thursday, just minutes after Singh announced his party would not be supporting the Conservatives' first non-confidence motion against Prime Minister Justin Trudeau's government.
The head of Via Rail repeatedly told MPs a train delay over the Labour Day long weekend was an isolated incident, despite a similar event two years ago.
The Nunavut government says it will provide immunization against respiratory syncytial virus to all infants in the territory this fall, a policy change that one pediatric infectious diseases specialist has been advocating for decades.
Ontario’s Minister of Sport, Neil Lumsden, will donate his brain to research.
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Viewers of Jeopardy got a chance to test their knowledge of trivia about B.C.'s biggest city Wednesday night.
British actress Florence Pugh has revealed that shaving her head for her latest movie role was a 'really bizarre' experience that sent her body 'into a bit of trauma.'
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Toronto Blue Jays shortstop Bo Bichette returned to the 10-day injured list Thursday due to a right middle finger fracture.
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For the last seven-and-half months, Toronto resident Heather McArthur has been living out what she describes as her “worst nightmare.â€
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An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.
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Police were focusing their attention on the northeast corner of Richmond and Horton, with members of the emergency response unit taking up positions at the scene.
Shedden, southwest of London, hasn’t changed much in decades – but word is spreading that hundreds of new residents could soon be calling the town home.
Two men from Barrie have been charged after a deadly shooting at a park in Keswick on Wednesday.
A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
Ontario Provincial Police executed a search warrant in Walkerton.
Standing up, speaking out, and showing solidarity — survivors and supporters gathered in the core to take back the night in Windsor. The city is just one of a growing list of communities that have declared intimate partner violence (IPV) an epidemic.
The Windsor Police Service (WPS) has seized over $56,000 in drugs and have arrested one suspect.
SERVEONE Canada, a global procurement solution company, has begun Canadian operations in Tecumseh.
In a rare move, the Greater Victoria School District Board of Education has been slapped with a ministerial order from the province requiring it to update a student safety plan – drawing concern around political posturing leading up to an election.
The Union of B.C. Municipalities is asking the provincial government to make transit free for teenagers.
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The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.
A Vulcan, Alta., man has been charged with a Lethbridge woman's murder after her body was found in the Oyen area.
A Lethbridge couple got a good reminder as to why you should keep your vehicle doors locked at all times.
Lethbridge residents who live near the police range can expect to hear plenty of shots fired Wednesday and Thursday.
A new community health profile in the Algoma District shows the area is significantly below provincial averages in a number of health metrics.
North Bay Police Service says one person has died following an industrial accident at the Ontario Northland Transportation Commission Rail Yard on Tuesday.
Three northern Ontario residents are charged with drug trafficking after the vehicle they were in got stuck along a bush road off Highway 17 on Monday.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
Jim Lester’s farm hopped on the cow-cuddling trend in early August, and his time slots have been pretty well sold out ever since.
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