First Quantum Minerals Ltd T.FM

Panama Supreme Court update on mine

[panamax]

it appears that all petitioners in the constitutionality case(s) against the Mineras Panama mine will finish their pleas before the Supreme Court today., 23 Nov. The Supreme Court will then commence analyzing the arguments tomorrow and render a decision as soon as they finish. They have stated they will work steadily on this until it is completed.
  At present it's hard to determine which way this will go but it has proceeded extremely rapidly so far!  My personal feeling at present is that we will see a decision much sooner than many suspect but please don't invest based on this! The last time around on this issue took years but there was nowhere near the pressure and scrutiny either. I will attempt to update as soon as I hear more.

  In the meantime I'm going to go stock up on more canned goods and TP just in case.

[blackdouglas2]

even if courts rule the mining concesion is valid, will protestors back down . As long as they block mine we still have a problem. Will Governmenty rule against their peole. the other probelm the royalty is so high 375 million, whats left in this for investors.

[TELEMARKER]

I think things will sort themselves out.  Cobre can remain shutdown until protesters get bored and move on.

[clamlinguine]

If they are trying to rule on this quickly I'd say it is a good sign for the company.

[blackdouglas2]

rule i don't think the gov ruling is problem.  The people blockaging mine , and gov wanting payment of  375 million. 8 million day  FM loses . so long term wil FM cut dividend, borrow more or walk away.  Protesters coudl block it off for years So i cna't see how the ruling will help. But hoping this gets back up running

[panamax]

They just ceased deliberations for the day at 00:30 local,(EST), after deliberating since 10:00 hrs yesterday AM. The local news says things will resume at 09:00 hrs local  this morning. They are wasting no time here! As for it being a good sign or not? Not a good idea to assume things here I think.

[jsaw86]

Which news outlet ?

[panamax]

www.laestrella.com.pa   Panama newspaper La Estrella.  Update:  Deliberations continue into the 3rd day now. Still no decision.  GLTA

[TELEMARKER]

thanks this is a critical decision for the reputation of Panama. I never been to Cobre, just looked at it on Google Earth. There will be no further impact on the rain forest now that the construction of the mine is complete and in operation. The limits of the open pit are in place. Mining will go deeper within the current outline. The footprint of the surface facilities will not increase. Cobre

[panamax]

  That is the number one question on everybody's mind down here as we speak! If the Court rules in favor of the mine there will be a blowup for sure but at the same time the government will have the excuse it needs to really crack and start playing rough. Down here, that's not a good thing!

[blackdouglas2]

how bad do you think it can get. say they rule in favor of mne, how bad can protests get, can they control the crowds.

[panamax]

Protests have closed off large portins of the country already for 30 days to the pont where staples like gasoline,diesel fuel, cooking gas, basic foods, etc are either no longer available or in very short supply. Conditions are the worst in the western provinces like Chiriqui and Veraguas where hiways have been blocked in many areas for weeks. Your question re: if the government has the ability to

[jsaw86]

They will use it once they have been given the green light.    police waiting for president. President waiting for Supreme Court. Big thumbs up to the police for being restrained enough to allow the protest... even though it's causing harm to bystanders/civilians/enforcement.