Minera Panamá fulfills its commitment and pays royalties and taxes of US$567 million to the Panamanian State

This is one of the largest royalty and tax payments in the history of the world copper mining sector.
The company is responsible for approximately 5% of Panama’s Gross Domestic Product (GDP) and accounts for 75% of the country’s goods exports.
In view of the context that the country is currently experiencing, Minera Panamá wishes to reiterate its willingness to open new spaces for dialogue in order to create lasting relations based on respect, cordiality, understanding and mutual benefit.

Panama City. November 16, 2023. – Minera Panamá has made a royalty and tax payment of $567 million, in accordance with its contractual responsibilities to the State of Panama and within the established 30-day deadline. Following this initial disbursement, which covers the period from December 2021 to October 2023, additional payments will be made in early 2024, as well as during the development of operations.

This is one of the largest royalty and tax payments in the history of the global copper mining sector and makes Minera Panama a major contributor to the country’s public finances. The company is responsible for approximately 5% of Panama’s Gross Domestic Product (GDP) and accounts for 75% of Panama’s goods exports. It is a major contributor to public finances.

The economic contribution of its operations in Panama during fiscal 2022 represented more than $1 billion, distributed as follows:

$206 million in salaries
$101 million in social security payments
$921 million to approximately 2,000 registered suppliers in Panama
$12 million for infrastructure, health, education and livelihood development projects in communities

To date, Minera Panamá has invested $10 billion, generating 7,000 direct jobs and approximately 40,000 direct and indirect jobs, as well as ongoing opportunities for thousands of Panamanian businesses. Its social programs have resulted in an additional investment of more than $136 million to date, including livelihood, infrastructure, health and education initiatives throughout the country. Its reforestation program over the past five years has invested an additional $25 million, while working to reforest an area twice the size of the mine’s footprint in the country.

Given the context that the country is currently experiencing, Minera Panamá wishes to reiterate its willingness to open new spaces for dialogue, in order to address the concerns of the various sectors of society, in order to create lasting relationships based on respect, cordiality, understanding and mutual benefit.

***
The company has always supported transparency initiatives aimed at providing all its stakeholders with clear information on contributions to its host governments. The company publishes annually all payments to national governments around the world under Canada’s Extractive Sector Transparency Measures Act (ESTMA). Its disclosures can be found at:

https://www.first-quantum.com/Spanish/sostenibilidad/centro-de-analistas-esg/transparencia-tributaria/default.aspx

For more information contact Paola Valdes pvaldes@thecorporatediplomacy.com