(Adds details, background)
March 15 (Reuters) - First Quantum Minerals , the
operator of the Cobre Panama mine, has resumed operations to
normal levels at the mine, gold-focused royalty and streaming
company Franco-Nevada Corp said on Wednesday.
Franco-Nevada has contributed a total of $1.36 billion to
the construction of Cobre Panama and the mine accounted for 18%
of the company's revenue in 2021. Copper miner First Quantum
owns a 90% interest in the mine through its unit Minera Panama,
S.A (MPSA).
First Quantum had suspended ore processing operations at the
mine on Feb. 23 after a Panama government order halted its
loading permissions at the port, limiting its capacity to store
copper.
Last week, the government and the miner agreed on the final
text for a contract to operate the key copper mine.
The new contract guarantees a minimum annual income of $375
million to the Central American government, and will be
effective for 20 years with the option to renew it for 20 more.
On Tuesday, Panama's Maritime Authority lifted the
suspension on First Quantum Minerals' operations at the port of
Punta Rincon, which the Canadian company uses to export copper
concentrate from the Cobre Panama mine.
(Reporting by Ankit Kumar; Editing by Maju Samuel and Devika
Syamnath)
