First Quantum Averts Copper-Mine Strike With Wage Deal in Panama

Copper producer First Quantum Minerals Ltd. reached an eleventh-hour wage deal with union leaders in Panama, averting a strike at its flagship mine.

(Bloomberg) — Copper producer First Quantum Minerals Ltd. reached an eleventh-hour wage deal with union leaders in Panama, averting a strike at its flagship mine.

The two sides agreed on salary adjustments and bonuses the day before a strike was scheduled to start at the Cobre Panama mine, union leaders said in a video distributed early Saturday.

The wage accord avoids stoppages at an operation that accounts for about 1.5% of global copper production and is an economic engine for the Central American nation.

The agreement also alleviates some uncertainties at a mine that’s been the target of protesters calling on lawmakers to reject a new tax arrangement brokered between the government and the Vancouver-based firm six months ago. The tentative tax deal requires congressional approval.

Read More: Panama Reiterates Support for First Quantum Deal Amid Protests

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