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The Financial Post reports in its Tuesday, March 18, edition that the local subsidiary overseeing First Quantum Minerals' Cobre Panama mine said it instructed legal counsel to meet with Panama's legal team "to work on the suspension of arbitration." A Bloomberg dispatch to the Post reports that First Quantum had commenced proceedings before the International Court of Arbitration in Miami late last year and has since sought $20-billion from Panama in an arbitration process under a Canada-Panama free trade pact. The latest move may set the stage for a breakthrough between First Quantum and Panama's government, which ordered the mine closed in December, 2023, amid sweeping anti-mining protests. Panama's president has repeatedly said First Quantum must drop its arbitration cases before talks on the mine could begin. Shares of First Quantum rose as much as 7 per cent on Friday to $21.76 in Toronto, the highest intraday price since October, 2023. "This forms part of a transparent and constructive process that seeks a solution to benefit the workers, communities, providers and all Panamanians," Cobre Panama said in a Friday statement.
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