First Quantum agrees to higher payments at Panama copper mine

The Panamanian unit of Canadian miner First Quantum Minerals has agreed with Panama's government to increase royalty payments at its flagship copper mine, the company and the government said on Monday.

Minera Panama, which is majority owned by First Quantum Minerals, has agreed to pay $375-million a year to state coffers from the Cobre Panama mine, which it says is one of world's largest copper producers.