First Quantum’s Cobre Panama mine ready to suspend arbitration
me-metals: First Quantum’s (TSX: FM) shuttered Cobre Panama mine has instructed its lawyers to start work to suspend arbitration against Panama, the company said in an internal memo on Friday.
According to me-metals cited from mining.com, On Thursday, Panama’s President said his government will allow the export of 120,000 metric tons of copper concentrate that has been stuck in the shuttered mine for over two years and also allow restart of the power plant used to run the mine.
Later, the country’s commerce ministry said any negotiations with the miner could only happen if the arbitration case against Panama was dropped.
“We have instructed our lawyers to meet with the government’s legal team to work on suspending the arbitrations … leading to a solution that benefits workers, communities, suppliers and all Panamanians,” Manuel Aizpurua, manager of Cobre Panama said in a memo viewed by Reuters.
First Quantum confirmed the authenticity of the memo.
Shares of the Canadian miner were up 1% on Friday afternoon at the Toronto Stock Exchange after hitting a two-month high on Thursday, up 15% after news of the authorization of copper export.
Panama’s government, under Mulino’s predecessor, ordered First Quantum to shut down the open-pit Cobre Panama mine in late 2023 following protests over environmental concerns. The move led to questions about maintenance of the massive site and 120,000 metric tons of stockpiled copper concentrate.
Before its shutdown, the mine was one of the world’s top sources of copper, accounting for 1% of global output.
Mulino told a weekly press conference on Thursday morning that he had authorized removing stranded copper products from the mine, arguing it was being wasted and that Panama would need to be reimbursed once the products are processed outside of the country.
The president said he would review the future of the mine more broadly as soon as next week.
“The issue of the mine will be approached with great responsibility and taking into account at all times the national interest,” Mulino said. “We’ll start as of next week.”
source: mining.com
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