stockwatch.com Globe says First Quantum's prospect in Panama improve
2024-05-07 08:43 ET - In the News
The Globe and Mail reports in its Tuesday, May 7, edition that there are hopes that Canadian miner First Quantum Minerals will have better prospects in Panama after the recent election of a pro-business president. The Globe's Niall McGee writes that First Quantum's Cobre Panama mine was ordered to close at the end of 2020 by outgoing president Laurentino Cortizo following a Supreme Court ruling that its mining contract was unconstitutional. Mr. Cortizo's term ends on June 30, and the winner of the recent election is Jose Raul Mulino. Mr. Mulino's campaign focused on boosting the economy, and he became a candidate late in the campaign after former president Ricardo Martinelli was barred from running due to a money laundering conviction. RBC Dominion Securities analyst Sam Crittenden said in a note to clients that the election of Mr. Mulino is a good outcome for First Quantum given his history of supporting the mining industry. However, since Mr. Mulino was careful in his commentary on First Quantum during the campaign, there is still much uncertainty concerning the fate of the mine. Mr. Crittenden said work still needs to be done "to improve public sentiment toward mining."