Panama Commerce Minister with key mining contract role named U.S. ambassador
MEXICO CITY (Reuters) -Panamanian President Laurentino Cortizo Cohen stated on Tuesday he had appointed Ramon Martinez, presently the nation’s Minister of Commerce and Industries, as Panama’s ambassador to Washington.
Martinez was the federal government’s lead negotiator for a brand new contract with a unit of Canada-based miner First Quantum which might result in greater royalties. The contract has but to be accredited by the Panamanian congress.
Beneath the contract negotiated by Martinez, the Panamanian State will obtain not less than $375 million yearly from the agency’s actions, a determine 10 occasions that obtained beneath previous administrations, in line with a authorities assertion.
The corporate started negotiating a brand new contract with officers in September, after Cortizo vowed to hunt a fairer take care of higher public advantages.
Toronto-based First Quantum started business operations at Cobre Panama in 2019 and the copper mine contributes 3.5% of the nation’s gross home product, in line with authorities figures.
The date for Martinez’s switch to the U.S. has not been disclosed.
(Reporting by Mariana Parraga and Elida Moreno; Writing by Valentine Hilaire; Enhancing by Christian Plumb)
