Canadian miner First Quantum starts arbitration against Panama, says government

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PANAMA CITY (Reuters) - Canada-based miner First Quantum Minerals (OTC:FQVLF) Ltd and its subsidiary Minera Panama started arbitration processes against Panama, the country's ministry of commerce and industry said on Saturday, as the two sides have been locked in a disagreement over payments and mine operations.

Panama's government on Monday ordered First Quantum (NASDAQ:QMCO) to pause operations at its flagship Cobre Panama copper mine after the company missed a deadline to finalize a deal that would have increased payments to the government by at least $375 million.

Despite having agreed to meet with the government, the company decided on Friday to "advance efforts" by going ahead with two arbitration processes, the ministry said in a statement, without giving further details.

First Quantum did not immediately respond to a request for comment.

The company initiated one of the arbitration processes under a 1997 contract, which regulates its operations, and the other under the free trade agreement between Canada and Panama, the government added.

Panama was asking for a maintenance plan for the company, which is considered the largest private investment in the Central American country and accounts for roughly 3.5% of Panama's gross domestic product.

"The resolution ... that orders Minera Panama to accomplish a care and maintenance plan for the Panama copper mine remains in force, and the government will monitor its full compliance," the ministry said in a statement.