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The Globe and Mail reports in its Wednesday, April 2, edition that First Quantum Minerals has decided to drop its arbitration claims against Panama, paving the way for a potential resolution that could reopen its Cobre Panama mine. The Globe's Niall McGee writes that in late 2023, the company commenced international arbitration after then-president Laurentino Cortizo ordered the mine's shutdown following a Supreme Court ruling that deemed its mining contract unconstitutional amid public protests. Following discussions with the government, First Quantum has now suspended its case with the International Chamber of Commerce and the Canada-Panama Free Trade Agreement. The company on Monday said it remains committed to engaging with the Panama government and "being part of a solution for the country and the Panamanian people." Last summer, Jose Raul Mulino succeeded Mr. Cortizo as Panama's President. Mr. Mulino, regarded as more sympathetic to business than his predecessor, nevertheless had been careful about not rushing into a quick resolution with First Quantum. It is unclear if the mine can reopen without Supreme Court approval, even if the Panama government reaches a new agreement with First Quantum.
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