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TELEMARKER on Apr 26, 2024 1:20pm
stockwatch.com
FP/CP say First Quantum readies for talks in Panama
2024-04-26 08:16 ET - In the News
The Financial Post reports in its Friday, April 26, edition that First Quantum Minerals is preparing for post-election negotiations in Panama in the hopes a solution can be reached for its currently shuttered Cobre Panama mine, said chief executive officer Tristan Pascall on Wednesday. A Canadian Press dispatch to the Post reports that Mr. Pascall, speaking on an earnings call, declined to speculate on the outcome of the May 5 vote, saying the company is prepared to work with whichever party is elected. "Our job at the moment in Panama is to be listening, to understand the voices that speak on the mine and the future mining in Panama." The Toronto-headquartered mining company suspended production at the open-pit copper mine in Panama in November following widespread protests and a court ruling that found the agreement covering the mine was unconstitutional. The mine is now in care and maintenance at a cost of about $15-million (U.S.) to $20-million (U.S.) a month as the company waits for progress on talks. Mr. Pascall says that while a faster mine restart would make it easier to carry out, the company is not planning on a quick resolution of the issue.
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