Canadian miner First Quantum Minerals Ltd. headed for a one-week low after a ruling by Panama’s Supreme Court cast uncertainty over a major copper mine it’s developing in the central American country.
Local media in Panama reported that the court ruled on Monday that Law 9 — used to approve a mining concession contract between the state and Minera Petaquilla in February 1997 — was unconstitutional.
Minera Petaquilla, now known as Minera Panama SA, is majority-owned by Vancouver-based First Quantum. Company’s filings show it obtained the concession rights for the Cobre Panama project in 1997 under that law. Continue Reading →