Canadian firm blames Panama for closure of copper mine

PANAMA CITY (AP) — A Canadian company is claiming the government of Panama cut off talks, resulting in the closure of a huge copper mine. Canada’s First Quantum Minerals Ltd. says it had been negotiating with the government of Panama, which wants vastly increased royalty payments of $375 million per year from the company.  First Quantum said in a statement Friday it had agreed to those payments, but wanted a protection clause in case metals prices drop. Analysts say the dispute threatens to have a huge economic impact in Panama, where the Cobre Panamá mine accounts for 3% of Panama’s gross domestic product.