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First Quantum

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business2 years ago•1 min saved

Panama Government Forces First Quantum to Cease Mining Operations

Panama's trade and industry ministry has ordered First Quantum, a Canadian mining company, to cease operations at its profitable copper mine in the country. The ministry issued a formal advisory instructing the company to halt all extraction, processing, refining, transportation, export, and sales activities at the mine. The closure of the mine, following a ruling by Panama's Supreme Court that deemed First Quantum's contract unconstitutional, could lead to a significant reduction in Panama's 2024 economic growth forecasts. The mine accounts for approximately 5% of Panama's GDP, and the company has requested government authorization to lay off over 4,000 employees.

via Reuters|

#business #copper-mine #economic-impact

business2 years ago•0 min saved

First Quantum's Panama Operations Face Uncertain Future Amid Constitutional Ruling and Arbitration

Panama has published a ruling declaring Canadian miner First Quantum's contract for a copper mine in the country as unconstitutional. The contract had sparked widespread protests, and President Laurentino Cortizo announced that the mine would close following the formal publication of the ruling.

via Reuters.com|

#business #first-quantum #mining-contract

business2 years ago•3 min saved

Panama's Supreme Court Deems First Quantum Mining Contract Unconstitutional

The Supreme Court of Panama has declared the contract between First Quantum and the government unconstitutional, adding to the uncertainty surrounding the Cobre Panama mine. The ruling is expected to freeze First Quantum's operations in the country, impacting the copper market and the government's coffers. The decision may also lead to international arbitration. Massive protests against the contract have disrupted the delivery of supplies to the mine and garnered support from celebrities and activists. First Quantum is believed to have sufficient liquidity to weather the short-term storm, but an extended closure could pose financial challenges.

via MINING.com|

#business #cobre-panama-mine #first-quantum