Panama Business & Economy News

  JP Morgan believes the reopening of Cobre Panamá could represent 4% of GDP by 2027. The financial institution considers that the return of mining operations could become one of the main drivers of economic growth, public finances, and investor confidence in Panama. Source: El Panamá América (Panama Business Economy News). Panama continues to strengthen its position as one of the economies with the best growth prospects in Latin America. This is reflected in a recent JP Morgan report, which incorporates the reopening of Cobre Panamá into its baseline scenario for the second half of 2027 and identifies it as one of the factors with the greatest potential to boost the national economy in the coming years. The analysis is part of a broader assessment of the country's fiscal and economic outlook. In it, the institution highlights that Panama maintains favorable conditions for preserving its investment grade rating, supported by progress in fiscal consolidation, economic performance, a...

  Panama renegotiating Cobre Panamá’s mining contract The Panamanian government is renegotiating First Quantum Minerals’ Cobre Panamá mining contract, with the aim of reaching a mutually-beneficial deal, according to local mining chamber Camipa. Source; Bnamericas Talks between the two parties are in progress, Camipa executive director Zorel Morales said in an interview on television channel TVN Noticias. “The theme of this negotiation, and I have spoken with both parties, is that they are searching for a way to deliver a win-win situation,” Morales said. The US$6.5bn Cobre Panamá copper-gold mine ranks among the country’s biggest ever investments, and is expected to play a key role in Panama’s post-pandemic economic recovery. Some politicians are pushing for an increase to Cobre Panamá’s 2% mining royalty, while trade and industry ministry MICI has pledged to strengthen mining institutions, including through better training of staff in a number of ministries. Doubts ...

  First Quantum reports Q1, record Copper production in Panama First Quantum Minerals (TSX: FM) delivered its first quarter 2021 report along with the news that the Cobre Panama copper mine achieved record quarterly production – 82,042 tonnes of copper, a jump of 46% from the same quarter a year earlier. Total copper production was 205,065 tonnes. Source: Canadian Mining Total copper sales volume was 210,734 tonnes and the realized copper price was $3.25 per lb. in the quarter. All-in sustaining costs were $1.72 per lb., a reduction of $0.08 per lb. from a   year earlier. C1 cash costs were down $0.06 per lb., but that change was offset by higher Zambian royalties. Total gold production was 78,000 oz. in Q1 2021, up 13% from the same quarter of 2020. The increase is attributable to record production of 35,898 oz. at Cobre Panama. First Quantum’s nickel production was 4,642 tonnes in Q1 at Ravensthorpe in Australia. Work is underway there to expand the operation by deve...