Canadian mining and metals company First Quantum Minerals confirmed that a strike at its key copper mine in Panama has been avoided. The company reached an agreement with the Utramipa worker’s union over profit sharing and wage increases.
The threat of strike action arose after Utramipa announced on Thursday that work would be halted due to an impasse in negotiations with Minera Panama, the local unit of First Quantum Minerals. On Friday, Minera Panama entered negotiations with workers. The company released a statement on Saturday to announce that a deal had been reached.
“This agreement has been possible thanks to the collaboration, open dialogue, and shared commitment to the collective wellbeing of our collaborators,” Minera Panama announced. Cobre Panama, an open-pit copper project in the Panama jungle, is First Quantum’s flagship operation, accounting for about 4% of Panama’s gross domestic product.