It will be interesting to see how this plays out.
There are fascinating threads of commentary emerging such as this one ( below), delineating between the contractural agreement which First Quantum has with the government vs. the Law 406 which was used to turn the contract into law. The contract still exists. It was just Law 406 that was declared unconstitutional.
The dust may have to settle, but the operation of this mine has not been settled by throwing out Law 406.
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While these agreements and legal procedures were taking place, thousands of environmentalists and Indigenous groups took to the streets to protest against the contract. This was followed by “unconstitutionality challenges” against Law 406, First Quantum said on Oct. 31.
But the Supreme Court’s ruling doesn’t necessarily mean First Quantum will have to shut its mine down, according to Dalton Baretto, an analyst at Canaccord Genuity Corp.
“The contract is between First Quantum and the government. The Supreme Court does not rule on that,” he said. “It ruled on Law 406, which turns (the contract) into law. The ruling means that the process of gazetting Law 406 was unconstitutional.