José Raúl Mulino’s presidential win in Panama boosts First Quantum’s Cobre Panama prospects – by Niall McGee (Globe and Mail – May 7, 2024)

The election of a pro-business president in Panama is raising hopes that Canadian miner First Quantum Minerals Ltd.’s pained prospects in the country might improve. First Quantum’s Cobre Panama mine was ordered to close late last year by outgoing president Laurentino Cortizo after the country’s Supreme Court ruled that its mining contract was unconstitutional. Mr. Cortizo’s term ends on June 30.

The winner of Sunday’s election was José Raúl Mulino. His campaign focused heavily on various initiatives aimed at boosting the economy. He became a candidate late in the campaign when former Panamanian president Ricardo Martinelli was barred from running after being convicted of money laundering.

Sam Crittenden, an analyst with RBC Dominion Securities Inc., wrote in a note to clients that the election of Mr. Mulino is a good outcome for First Quantum given his history of supporting the mining industry.

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