- First Quantum Minerals (TSX:FM) had a boost in its share price after it said production at its copper mine in Panama has been uninterrupted by protests in the area
- Protests first started in August after a government decision to extend the company’s Cobre Panama mine for an additional 20 years
- The company said blockades of key roads have caused on-site disruptions as well as certain supply shortages
- Shares of First Quantum are up 8.72 per cent to C$17.09 as of 12:47 pm ET
First Quantum Minerals (TSX:FM) had a boost in its share price on Friday morning after the company stated production at its copper mine in Panama has been uninterrupted by protests in the area.
Protests first began in August after a government decision was made to extend the company’s Cobre Panama mine for an additional 20 years.
However, First Quantum said the blockades of certain key roads have caused on-site disruptions as well as certain supply shortages.
“First Quantum is proud of its contribution to Panama. The Cobre Panama mine plays an important role in Panama’s economic development,” the company said in a statement.
Roughly 90 per cent of the workers at the company’s Cobra Panama mine are Panamanian and roughly one in 50 people from Panama’s population is employed either directly or indirectly by the mine.
As copper is integral in the shift towards renewable energy and its use in electric vehicles (EVs), the company stated the copper produced at the mine in 2022 is enough for more than 6 million EVs.
First Quantum Minerals produces copper, nickel, gold and silver, and related activities including exploration and development. It has operating mines located in Zambia, Panama, Finland, Turkey, Spain, Australia and Mauritania, and a development project in Zambia.
First Quantum shares are up 8.72 per cent to C$17.09 as of 12:47 pm ET.
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