04:26:22 EDT Thu 09 May 2024
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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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FP says First Quantum's woes a sign of the times

2023-11-30 08:48 ET - In the News

The Financial Post reports in its Thursday edition that as First Quantum Minerals' copper mine faces a shutdown in Panama, analysts warn such events may occur more often as the energy transition away from fossil fuels focuses government and public attention on certain key metals. The Post's Naimul Karim writes that going forward, analysts say, miners will need to focus more on building trust with local communities to retain their licence to operate, especially in Latin America, which has abundant reserves of copper and lithium and where leaders routinely gauge public opinion on mining-related issues. EY Americas head Theo Yameogo says: "What we are seeing in Panama is not new. In today's licencing operations, particularly in South America, leaders in those countries typically seek input from the public and elected officials and the outcomes can vary. We should expect to see even more of this in the future." First Quantum may lose its Cobre mine after Panama's top court on Nov. 28 said that a law linked to the company's 20-year mining contract with the country was illegal. Scotiabank economist Patricia Mohr says if the mine remains shut in 2024, global copper prices may be higher than originally forecast.

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