Panama's abrupt moves this week to potentially annul the contract for one of the world's biggest and newest copper mines through a referendum and proposed law alarmed global investors and wiped out about 40% of First Quantum Minerals' (FM.TO) market value.
View of the Cobre Panama mine, of Canada's First Quantum Minerals, in Donoso, Panama, December 6, 2022.
Challenges against the court's decision were rejected and the ruling was upheld in 2021, forcing the company to start negotiations for a fresh deal with the government. Lawmakers approved on Friday a bill banning new mining concessions, but it does not affect the Cobre Panama mine, which already has a concession. Nonetheless, the lifetime of the mine could be affected by the ban since the bill forbids renewing and extending concessions.
Norge Siste Nytt, Norge Overskrifter
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