09:51:01 EDT Thu 09 May 2024
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First Quantum Minerals Ltd
Symbol FM
Shares Issued 693,235,607
Close 2023-09-07 C$ 34.57
Market Cap C$ 23,965,154,934
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Globe says First Quantum deal facing protests in Panama

2023-09-08 08:04 ET - In the News

The Globe and Mail reports in its Friday, Sept. 8, edition that First Quantum Mineral's hard-won contract in Panama has become the target of protests and legal denunciations as it nears the final steps to finalization. The Globe's Nathan VanderKlippe writes that street protests have broken out in Panama City this week making tangible a swelling opposition to the contract, which has been denounced by labour activists, indigenous groups, former government leaders, constitutional scholars and evangelical pastors alike. Even the Catholic Church has expressed concern. Some want Panama to renegotiate the contract. Others say the $10-billion (U.S.) mine, which began commercial operation in 2019, should be put to an international bidding process. Still others want Panama to take a state ownership interest, following the lead of other countries in the region that have nationalized mineral resources. Panama's ruling Democratic Revolutionary Party holds sufficient National Assembly power to give it legislative approval. Rising social rancour over the mining contract, which has been publicly opposed by several presidential candidates, has created new questions over passage of the contract.

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