Miner First Quantum faces rocky road as Panama protesters dig in

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Nov 1 (Reuters) - Battered Canadian mining company First Quantum Minerals (FM.TO) is bracing for a rocky road ahead as Panama moves to strike down its contract to operate one of the world's largest copper mines.

Panama's shock decision on Sunday to call a binding vote on whether to scrap the mine's recently struck 20-year contract sparked a sell-off in Vancouver-based First Quantum shares. Investors wiped out about C$8.35 billion ($6 billion), or 48%, from the company's market value this week, registering doubts about First Quantum's ability to operate its crown jewel.

Miner First Quantum faces rocky road as Panama protesters dig in

Battered Canadian mining company First Quantum Minerals is bracing for a rocky road ahead as Panama moves to strike down its contract to operate one of the world's largest copper mines.

www.reuters.com

 

[Voodoo]

So the copper will sit in the ground and the people get poorer. Good job collectivists.

 

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LONDON, Nov 14 (Reuters) - First Quantum (FM.TO) has this week started reducing operations at its Cobre Panama mine in the face of escalating protests.

The Canadian miner is caught in a perfect storm of environmental, social and governance (ESG) issues that threatens to derail one of the world's biggest and newest copper mines.

Panama has a long mining history but Cobre Panama is the first major new investment this century. The mine started up in 2019 and produced 350,000 metric tons of contained copper last year, contributing 1% to global copper production and 5% to Panama's gross domestic product.

Panama copper drama another ESG flash-point for miners

First Quantum has this week started reducing operations at its Cobre Panama mine in the face of escalating protests.

www.reuters.com

 

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PANAMA CITY, Nov 17 (Reuters) – A ship with supplies for Canadian miner First Quantum’s unit in Panama was unable to dock as local boats blocked off access to the key port, the company said in a statement to Reuters on Friday.

Panama Port Blockade Keeps Supplies From First Quantum Mine

By Elida Moreno PANAMA CITY, Nov 17 (Reuters) – A ship with supplies for Canadian miner First Quantum’s unit in Panama was unable to dock as local boats blocked off access to the...

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PANAMA CITY, Nov 28 (Reuters) - Canadian miner First Quantum's contract to operate a lucrative copper mine in Panama is unconstitutional, Panama's Supreme Court declared on Tuesday following weeks of protests against the deal.

The ruling could potentially put First Quantum on a long road to an international arbitration, about which the company has already notified the Panama government.

Top Panama court rules First Quantum mining contract unconstitutional

Canadian miner First Quantum's contract to operate a lucrative copper mine in Panama is unconstitutional, Panama's Supreme Court declared on Tuesday following weeks of protests against the deal.

www.reuters.com

 

[Goldhedge]

So the copper will sit in the ground and the people get poorer. Good job collectivists.

How else you gonna save the Earth?

 

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Workers at First Quantum's shuttered Panama mine warn of threat to 'invade' site​

Jan 3 (Reuters) - The union representing workers at First Quantum's copper mine in Panama on Wednesday warned of another union's plan to "invade" the site next week, the latest face-off over the now-shuttered mine that provoked nationwide protests last year.

The UTRAMIPA miners' union said in a statement it was "worried" by the plans of the Suntracs construction workers union, the largest in the country, to force its way into the Canadian miner's operation on Jan. 9.

First Quantum in late November suspended commercial production at the mine and put it into care and maintenance, but the company still has equipment and workers at the site.

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