PANAMA CITY, Dec 26 (Reuters) - The Chief Executive Officer of...

PANAMA CITY, Dec 26 (Reuters) - The Chief Executive Officer of Canadian miner First Quantum Minerals met Panama's commerce and industry minister on Monday to discuss disagreements over the firm's copper operations in the country, a person familiar with the matter said.

First Quantum CEO Tristan Pascall flew to Panama over Christmas to attend the meeting in person with the minister, Federico Alfaro, according to the source, who said further talks are planned.

The commerce and industry ministry did not immediately reply to a request for comment.

A spokesperson for First Quantum declined to comment.

The government and the mining company have been discussing a deal that would have increased annual tax payments to Panama to at least $375 million.

The Panamanian government ordered the firm to halt operations at the Cobre Panama mine after they both missed a deadline to reach an agreement.

The firm started arbitration proceedings against the government days after, according to local authorities.

A government official said last week the country was looking for a "fair" deal.

First Quantum mine accounts for roughly 3.5% of Panama's gross domestic product, according to government figures.

Seems government greed is kicking in.

FQ spokesman; We are disappointed by the Government’s actions. The Government seeks a refreshed concession contract that does right by the country, its people and its economy, and we believe our proposal achieves just that. Our most recent proposal would make Cobre Panamá one of the highest payers of royalties amongst copper-producing nations in the Americas.

With social security contributions from MPSA and its employees, and other payments for permits, water and municipalities, Cobre Panamá and its employees would contribute more than US$500 million each year in revenues to the government at current copper prices.The Minera Panamá contract was renewed in 2017 and remains in legal standing for a period until 2037. Since 1997, the mine was developed with invested capital of more than $10 billion and has been in operation since 2019 on a legal basis at all times.

We have significant plans for the future of Cobre Panamá that will benefit all Panamanians, and our goal remains to find a ‘win-win’ resolution with the Government that will safeguard 40,000 jobs and protect our investment. In the meantime, we are doing everything possible to support the Cobre Panama workforce, preserve the value and integrity of the mine and defend First Quantum and its stakeholders from the Government’s unnecessary actions, including through all available legal means.”