The Canadian miner issued a communiqué a day after Panama’s President-elect said his government would review “clause by clause” the contract awarded to its subsidiary in the Central American country.
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According to PwC, investors seemed unimpressed last year, as market valuations fell 18%.
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The Canadian miner plans to expand Cobre Panama, located about 120 km west of Panama City, and 20 km from the Atlantic coast, from 85 million tonnes per year to 100Mtpy beginning in 2023.
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Company has signed a new $2.7-billion term loan and revolving credit facility, replacing the existing $1.5 billion one.
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The Canadian miner planned to lay off 2,500 workers due to higher mining taxes in the country, but has now decided to continue dialogue with the government over the issue.
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The Canadian miner miner said the job cuts will be implemented in phases during the first quarter of 2019, adding they’ll be equally split between its Kansanshi and Sentinel mines.
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