10:03:40 EDT Thu 09 May 2024
Enter Symbol
or Name
USA
CA



First Quantum Minerals Ltd
Symbol FM
Shares Issued 693,599,174
Close 2023-11-13 C$ 15.65
Market Cap C$ 10,854,827,073
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Globe/wire say First Quantum cuts Cobre mine activity

2023-11-14 08:17 ET - In the News

The Globe and Mail reports in its Tuesday edition that First Quantum Minerals said Monday it has reduced ore processing at its copper mine in Panama as protests against the project are blocking access to the port. A Reuters dispatch to The Globe reports that the new contract for the Cobre Panama mine, which adds 1 per cent to global copper production, was approved on Oct. 20. However, the agreement has faced legal challenges owing to protests that claim it favours the miner too much and allege corrupt practices in its approval. The company has denied all allegations but the uncertainty has triggered a 45-per-cent drop in its shares since the new contract, through Friday's close. First Quantum said it had ramped down operations at one ore processing train as the blockade at the mine's Punta Rincon port has affected the delivery of supplies for its on-site power plant and is affecting the loading of copper concentrates. The reduction of ore processing could affect about 2 per cent of Panama's national work force, the company said, adding two ore processing trains remain operational. A Reuters survey says most lawyers believe Panama's top court will revoke First Quantum's contract for the mine.

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