Minera Panama, First Quantum Minerals' subsidiary in Panama, has reached an agreement with a workers union at its flagship Cobre mine, avoiding a planned strike, Reuters reports.
The worker's union, Utramipa, had threatened to stop work at the mine after an alleged impasse in negotiation with the directors of Minera. Since then, it was indicated that the parties had reached an agreement, avoiding a planned strike over profit sharing and wage increases.
"Utramipa has reached an agreement where we have completed the negotiation processes with the Minera Panama company, we have complied with the corresponding deadlines," union leader Michael Camacho said early Saturday in a video sent to Reuters. "There is no strike," he stated later.
He added that a salary increase had been agreed upon, but did not specify the amount, as well as several bonuses and improvements in retirement benefits.
"This agreement has been possible thanks to the collaboration, open dialogue and shared commitment to the collective wellbeing of our collaborators," the statement said, without disclosing further details.
Cobre Panama, a huge open-pit copper project located in the Panama jungle, is First Quantum's flagship operation, accounting for nearly half of its earnings. It also accounts for about 4% of Panama's gross domestic product.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
