Panama Commerce Minister with key mining contract role named U.S. ambassador
May 10, 2022
6:32 PM CDT
Last Updated 4 hours ago
Reuters
1 minute read
Panama's President Laurentino Cortizo Cohen speaks during the 76th Session of the General
Assembly at UN Headquarters in New York, U.S., September 23, 2021.
Timothy A. Clary/Pool via REUTERS
MEXICO CITY, May 10 (Reuters) - Panamanian President Laurentino Cortizo Cohen said on Tuesday he had appointed Ramon Martinez, currently the country's Minister of Commerce and Industries, as Panama's ambassador to Washington.
Martinez was the government's lead negotiator for a new contract with a unit of Canada-based miner First Quantum (FM.TO) which would lead to higher royalties. The contract has yet to be approved by the Panamanian congress.
Under the contract negotiated by Martinez, the Panamanian State will receive at least $375 million every year from the firm's activities, a figure 10 times that obtained under past administrations, according to a government statement.
The company began negotiating a new contract with officials in September, after Cortizo vowed to seek a fairer deal with better public benefits.
More:
https://www.reuters.com/world/americas/panamas-commerce-minister-appointed-ambassador-united-states-2022-05-10/
