Morimor acts in concession for Cobre Panama Project
Morgan & Morgan has acted as Panama counsel to First Quantum Minerals (FQM) and Minera Panama (MPSA), a subsidiary of FQM, in all aspects related to the negotiations with the Government of Panama for a Refreshed Mining Concession Agreement for the Cobre Panama Project. Aleman Cordero Galindo & Lee also advised both entities.
The final terms and conditions for the new contract were agreed by both parties on 8 March 2023, following a negotiation process of around two years.
“The Cobre Panama Project, one of the ten largest open pit copper mines in the world, is the result of a US$10 billion private investment (the largest in Panama’s history). The project has a significant economic impact, representing approximately 4.8% of Panama’s Gross Domestic Product (GDP), and more than 40,000 direct and indirect jobs, according to an expert study,” stated Inocencio Galindo, lead partner of the operation.
The advisory involved commercial and legal issues, including mining, public procurement, administrative, environmental, labour, real estate, tax and contract law, as well as dispute resolution and arbitration, as two international arbitration processes were also activated during the negotiations.
Aleman Cordero Galindo & Lee’s team was led by founding partner Aníbal Galindo, assisted by partners Jorge Lee and Raúl Borrell.
Morimor’s team was led by partner Inocencio Galindo (pictured), with support from founding partner Juan David Morgan, partners Aristides Anguizola, Ramón Varela, José Carrizo, Luis Vallarino, Omar Rodríguez, Mayte Sánchez and José Rafael Reyes, and associates Orlando Tejeira, Alejandro Vásquez, Alejandro Chevalier and Joy Torres.
