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Cobre Panamá Mining Concession Contract Enacted Into Regulation in Panamá Categorical Instances

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TORONTO, Oct. 22, 2023 (GLOBE NEWSWIRE) — First Quantum Minerals Ltd. (“First Quantum” or “the Firm”) (TSX: FM) introduced at present that Regulation 406, which approves the refreshed mining concession contract (“Concession Contract”) for the Cobre Panamá mine, was printed within the Official Gazette of Panamá on October 20, 2023.

On October 20, 2023, the Nationwide Meeting in Panamá authorised Invoice 1100, being the proposal for approval of the Concession Contract for the Cobre Panamá mine, within the third debate of the plenary session with a vote of 47 in favour out of a complete of 55 votes registered. On the identical day, President Laurentino Cortizo sanctioned Invoice 1100 into Regulation 406 and this was subsequently printed within the Official Gazette. The enactment of Regulation 406 marks the ultimate step in revising the authorized framework for the Cobre Panamá mine.

“We’re happy that the revised contract establishes the idea for a renewed long-term relationship between Panamá and First Quantum. This may present for each continued funding within the mine and for its necessary contribution to Panamá and its folks. We’re dedicated to the obligations of the contract and to accountable stewardship of the Cobre Panamá mine, together with a continued optimistic affect on our workforce, the encompassing communities and the setting,” stated Tristan Pascall, Chief Govt Officer.

With publication within the Official Gazette, funds to cowl taxes and royalties as much as the year-end 2022 of roughly $395 million and sure quantities payable for 2023 company tax instalments, withholding taxes and quarterly royalty funds might be due inside 30 days.

For additional info, go to our web site at www.first-quantum.com or contact:

Bonita To, Director, Investor Relations
(416) 361-6400 Toll-free: 1 (888) 688-6577
E-Mail: [email protected]

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Sure statements and data herein, together with all statements that aren’t historic details, comprise forward-looking statements and forward-looking info throughout the that means of relevant securities legal guidelines. The forward-looking statements on this information launch embody statements as to the First Quantum’s deal with operational excellence, supply of its enlargement tasks and the due date for fee of taxes and royalties as much as the top of 2022 and anticipated taxes and royalties associated to 2023. With respect to forward-looking statements and data contained herein, the Firm has made quite a few assumptions, together with as to Firm’s capability to realize its targets. Ahead-looking statements and data by their nature are based mostly on assumptions and contain identified and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking statements or info. These components embody, however usually are not restricted to, political stability in Panamá, potential social and environmental challenges, and occasions typically impacting international financial, political and social stability. There may additionally be different components that trigger precise outcomes, efficiency, achievements or occasions not as anticipated, estimated or meant, together with the dangers, uncertainties and different components mentioned within the Firm’s Annual Data Kind. The Firm undertakes no obligation to reissue or replace forward-looking statements or info on account of new info or occasions after the date hereof besides as perhaps required by legislation.

cobre panama mining concession contract enacted into law in panama
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