First Quantum to Keep Churning Out Copper Despite Panama Turmoil – by James Attwood and Jacob Lorinc (Bloomberg News – November 2, 2023)

(Bloomberg) — First Quantum Minerals Ltd. expects to continue operating a giant copper mine in Panama despite efforts to repeal its contract there, according to a person close to the company.

Even if lawmakers or the courts revoke a contract signed recently with the government, the Canadian company can keep mining at the Cobre Panama site as it seeks to restart negotiations for new terms, the person said.

That news came on the heels of a backtrack by Panama’s congress, which late Thursday eliminated an article in a mining bill that would have voided the contract.

Shares of the Canadian miner jumped 9.7% as of 10:23 a.m. Friday in Toronto trading. In the first three days of the week, the company wiped out half its market value, before clawing back some of those losses in the next two sessions.

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