First Quantum Minerals Ltd T.FM

Errors in articles

[Aurum1983]

Beware the inaccurate reporting from many sources including Reuters, AP News etc. stating congress is about to pass a bill to scrap the contract - that's not true. The articles also say the referendum in December is binding - which is not true.

 

The bill before congress is only for holding the Popular Consultation aka referendum in December given the tight timeline. Popular Consultations in Panama are NOT LEGALLY BINDING. The government did say they will propose a bill to curb future mining but obviously not affecting the contract with FM which is already signed and enacted into law. The only way to undo that without penalty is to void the law enacting the contract based on unconstitutionality. If they did enact a law that scraps the law enacting the contract - that would be a breach of the contract and subject to binding arbitration at the ICSID.

[drd8]

This is 100% correct.  Largest employer of Panamanians  Largest contributor to govt coffers BMO estimates 10-11b value for Cobre  Mkt cap wiped out 14b   Panama does not want to go to arbitration as they will be on the hook for 11b.  Same thing last December with protests stock went from 32 to 24 and back to 40 after  Terrible for those who have sold due to

[Singoa58]

The money does not reach the people...   The mine will not go ahead regardless of any votes as the protesters will close access of all roads as they are doing now....

[drd8]

Where does it go? To the political leaders you voted in? To the 40 thousand workers and their families?Protestors are students and people being paid by the left. Sadly they will end up in a prison  

[liljohnnyjoke]

the beef of the locals should then be against their own government for not sharing/spending the $375M in annual royalties in the area around the mine

[MaterialsMan]

Curious as to what percentage that royalty is. Three hundred and seventy five million seems small for a mine that size. Then again, maybe not.

[Runandcoke]

you know that is not true the police can come in and clean out the barricades when ever the goverment tells them 

[Singoa58]

The police are backing up the protesters... they are with them as brothers and sisters...  the mine will close 

[Runandcoke]

I dont think so  they  are going to do what the paymaster ( goverment  ) says being a Policeman in PTY is a thankless job  the protestors are just causing them agro  not like the Police stood by the people  during lockdown COVIS  i was there in Congrejo during the lockdown  the police were across the street billeted at the Principe Hotel they were

[u4eah]

> BNN just now reporting that a bill to scrap the law enacting the recent negotiated contract with FM has passed 2 gov't votes (which btw were reported as unanimous) , with the third and final vote scheduled for today. The passing of this bill would mean, referendum scrapped, and binding arbitration at ICSID !! > With Panama Canal revenues drying up,  it seems inconceivable that

[Singoa58]

December 17 the people will vote NO to the mine during the special referendum... the shareholders need to restore our rainforest... we will keep ALL the machinery till our land is restored... you have bitten the tail of the dog and now you must pay us... how dare you harm our environment 

[drd8]

There will be no referendum. Wake up.  Or woke up. Panama will be on the hook for 11b. The shareholders need to restore it? What are talking about? So what is it you want? Money or the massive replanting of trees. Hypocrite. Fm paslllys more into the government and economy than any other foreign corp.  You are part of the biggest grift known to man right now 

[Singoa58]

Drinkable water and return our land to its original state... it's a rainforest... 

[drd8]

The mine doesn't interact with the canals watershed. The canal draws from the lakes