Canada’s First Quantum Minerals (TSX: FM) says it’s experiencing losses of up to $8 million a day due to the suspension of ore processing and port loading affecting its giant copper mine in Panama.
In a letter sent this week to the country’s Maritime Authority (AMP), the chief executive of First Quantum’s local unit, Minera Panama, said the halt ordered last week has had a domino effect.
CEO Alan Delaney warned the longer activities are suspended, the greater the “exponential and irreparable damage to the company and stakeholders, including the workforce.”
He noted the government’s measure, which adds to a previous directive to suspend loading operations at the mine’s Punta Rincón port, had forced the company to kicked off a process to suspend contracts for over 4,000 workers, as required by Panamanian labour laws.
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