stockwatch.com FP says First Quantum raises hope for Cobre Panama
2024-02-13 09:08 ET - In the News
The Financial Post reports in its Tuesday, Feb. 13, edition that in December the Panamanian government ordered First Quantum Minerals to close its copper mine. The Post's Naimul Karim writes that two months on, however, things are looking up for First Quantum, according to chief executive officer Tristan Pascall. There may be a space opening up to discuss mine's contribution to Panama's economy as the country heads to an election in May. Mr. Pascall says: "We see that some of the emotion (from the protests) has really dialed back. There's significant economic challenges emerging in the country and we believe it's impossible for the next government to ignore the contribution that a responsible mining sector can make." Cobre Panama plays a key role for the country's economy since it accounts for about 5 per cent of Panama's gross domestic product. In addition, Cobre Panama employs about 7,000 people, with another 33,000 individuals dependent on the mine indirectly. Mr. Pascall says as the mine gets set to shut down "there's more questioning around the decision" regarding the impact the move could have on the country's economy. Cobre Panama was responsible for nearly half of First Quantum's revenue in 2023.