03:07:24 EDT Thu 09 May 2024
Enter Symbol
or Name
USA
CA



First Quantum Minerals Ltd
Symbol FM
Shares Issued 693,599,174
Close 2023-11-29 C$ 11.36
Market Cap C$ 7,879,286,617
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Globe says First Quantum's future in Panama in jeopardy

2023-11-29 07:52 ET - In the News

Also In the News (C-FNV) Franco-Nevada Corp

The Globe and Mail reports in its Wednesday edition that First Quantum Minerals' future in Panama is in jeopardy after the country's Supreme Court ruled that its mining contract is unconstitutional and its President ordered the closing of the Cobre Panama mine. The Globe's Niall McGee writes that First Quantum has been operating under a cloud after President Laurentino Cortizo directed the country's top court to rule on the legality of the recently negotiated 20-year mining contract. Following Tuesday's Supreme Court decision, First Quantum said that it is reviewing the ruling and considering its local and international legal rights. On Tuesday night, Mr. Cortizo said that as soon as the ruling from the Supreme Court is published in the official gazette, an "orderly and safe" closing of Cobre Panama will occur. First Quantum said earlier on Tuesday that it had already halted commercial production at Cobre Panama because of "illegal blockades" by protesters at its port and roads leading to the mine. Cobre Panama started production in 2019, cost First Quantum $6.8-billion (U.S.) to build and is the Canadian copper miner's biggest mine by far. First Quantum has taken legal first steps that could lead to arbitration.

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