The process deviates from Minera Panama's previous approach of providing internationally accepted certifications to the Panama Maritime Authority, it added. (Reporting by Arshreet Singh; Editing by Rashmi Aich)
Feb 6 (Reuters) - First Quantum said on Monday
its subsidiary Minera Panama, the operator of Cobre Panama
copper mine, has suspended concentrate loading operations at the
Cobre Panamá port.
Late last month, Panama Maritime Authority had issued the
miner a resolution to suspend loading until evidence for the
process of certification of calibration of scales by an
accredited company was provided, the company said in a release.
The Canadian miner added that it might become necessary to
shut down Cobre Panama if the concentrate is not shipped by
mid-February, due to limited storage capacity on site.
This comes amid a longstanding dispute between the
Government of Panama and First Quantum Minerals over how much
tax the Canadian miner should pay on its concession for the
Central American country's only major copper mine in operation,
a key asset for both parties.
In 2021, Cobre Panama represented more than half of First
Quantum's earnings before interest, tax depreciation and
amortization (EBITDA). It also accounts for about 3.5% of
Panama's gross domestic product.
First Quantum said that its subsidiary has initiated the
certification process by submitting the required proof to an
accredited company on Feb. 3.
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