Copper producer First Quantum Minerals Ltd. has successfully reached a last-minute wage agreement with union leaders in Panama, preventing a strike at its primary mine, Cobre Panama. The agreement, which includes salary adjustments and bonuses, was finalized just one day before the scheduled strike. This development is significant as the Cobre Panama mine contributes approximately 1.5% to global copper production and plays a vital role in the economy of the Central American nation.
Furthermore, this wage deal helps address uncertainties surrounding the mine. It has faced protests, with demonstrators urging lawmakers to reject a new tax arrangement that was negotiated between the government and the Vancouver-based company six months ago. The tax agreement remains tentative and requires congressional approval.