First Quantum shares up as Panama Congress leaves contract intact – by Cecilia Jamasmie ( – November 3, 2023)

First Quantum Minerals’ (TSX: FM) shares recovered some of the loses from the week on Friday after Panama’s congress eliminated an article in a mining Bill which would have voided the company’s multi-billion dollar copper mining contract.

Lawmakers on Thursday passed a revised Bill that blocks all future mining concessions, including exploration, extraction and transportation of minerals as well as contract renewals in the Central American country. The provision to revoke First Quantum’s contract was eliminated and the National Assembly referred the agreement, enshrined in Law 406, to the country’s Supreme Court for a ruling.

Shares jumped more than 12% to C$17.64 in early morning trading in Toronto and were changing hands at C$17.13 in the afternoon. It means the stock has recovered half the value it had a week ago and the loss for the week is down to 27% versus 50% on Wednesday.

Amid the turmoil, characterized by violent protests that brought Panama’s capital city almost to a halt, First Quantum’s Cobre Panama copper mine has not stopped production, the company said on Friday.

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