stockwatch.com FP/wire say First Quantum turns to arbitration
2023-11-28 09:37 ET - In the News
The Financial Post reports in its Tuesday, Nov. 26, edition that First Quantum Minerals took the first step in an arbitration process with Panama as its flagship copper operation faces anti-mining protests and a Supreme Court ruling on whether its contract is constitutional. A Bloomberg dispatch to the Post reports that First Quantum said late Sunday that it issued an arbitration notice to President Laurentino Cortizo's administration. Panama extended First Quantum's mining license last month, before reacting to protests by proposing to put the mine's future to a popular vote. The referendum proposal and a push for congress to repeal the contract were subsequently shelved as the government waits to see if the Supreme Court will kill the agreement instead. The dispute has called into question the very future of the $10-billion Cobre Panama mine. Last week, First Quantum halted commercial production as a port blockade chokes key supplies to an operation that accounts for more than one per cent of global copper supply. "First Quantum remains committed to overcoming the current operational challenges at Cobre Panama through constructive and transparent dialogue," it said in a statement.
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