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First Quantum warns of arbitration as Panama weighs copper contract – by Valentine Hilaire and Elida Moreno (Reuters – November 26, 2023)

https://www.reuters.com/

Nov 26 (Reuters) – Canada’s First Quantum intends to start arbitration against Panama, the Central American nation’s trade ministry and the company said on Sunday, as Panama’s top court considers annulling a copper contract that opponents call unfair.

On Oct. 20, Panama’s government approved a contract for First Quantum to operate the copper Cobre Panama mine. It included a 20-year mining right with an option to extend for another 20 years. In return the miner agreed to pay Panama $375 million a year.

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Panama’s Mining Future Is at a Tipping Point – by Cristina Guevara (Foreign Policy – November 21, 2023)

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Protestors want to kick out the country’s biggest investor and usher in a new era of environmental politics.

A contentious mining contract has plunged Panama into protest, triggering its most significant episode of social upheaval in decades. Since Oct. 16, the public has taken to the streets in historic numbers, with no signs of abating despite concessions made by the government.

At the center of this movement is the Cobre Panamá mine, one of the world’s largest copper mines and, notably, the largest private investment in Panama’s history. When the copper deposit was identified in 1968, it was described by one newspaper as an economic asset as great as the Panama Canal. The mine is operated by Minera Panamá, a local subsidiary of the Canadian company First Quantum Minerals (FQM) and also partly owned by South Korea’s state-run Korea Resources Corporation.

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Ecuador-focused Adventus and Luminex to merge – by Cecilia Jamasmie (Mining.com – November 22, 2023)

https://www.mining.com/

Canadian juniors Adventus Mining (TSX-V: ADZN) (OTCQX: ADVZF) and Luminex Resources (TSX-V: LR) (OTCQX: LUMIF) are merging to create an Ecuador-focused copper-gold development company.

The transaction will see Adventus acquire Luminex, with Luminex shareholders receiving 0.67 of an Adventus share for each held. The combined company will continue to trade under Adventus’ name and ticker. The new firm will lead the advancement towards production of two main projects and consolidate a large exploration portfolio in the South American country.

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First Quantum facing Panama mine shutdown this week, as Cobre Panama’s future rests on Supreme Court decision – by Niall McGee (Globe and Mail – November 21, 2023)

https://www.theglobeandmail.com/

First Quantum Minerals Ltd. says it will likely soon suspend production at its giant copper mine in Panama in the face of continuing protests, as its licence to operate hangs on an impending legal decision in the country.

Vancouver-based First Quantum has been in crisis mode since last month after Panamanian President Laurentino Cortizo announced that a referendum will be held on whether to repeal the law that legalized its latest mining contract.

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Leonardo DiCaprio backs Panamanians’ protests against First Quantum’s operation – by Staff (Mining.com – November 19, 2023)

https://www.mining.com/

Hollywood actor Leonardo DiCaprio has joined the demands of Panamanian activists asking for the shutdown of First Quantum Mineral’s Cobre Panamá copper mine.

Since mid-October, thousands of people have been protesting in different parts of the country against the recent approval of Cobre Panamá’s mining concession. They say they are worried about the potential environmental impacts of the giant operation and demand that the Laurentino Cortizo government repeals Law 406, which governs the concession and grants First Quantum the right to mine copper for 20 years, with the option of an additional 20 years. It also guarantees a minimum annual income of $375 million to the government.

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Debate over Pebble mine in Alaska’s Bristol Bay region moves to dueling Supreme Court briefs – by Yereth Rosen (Alaska Beacon – November 13, 2023)

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The company seeking to develop the controversial copper mine is sticking to its plans, despite federal action that barred permitting for the project

The company trying to build a huge copper and gold mine in the salmon-rich Bristol Bay will keep fighting for the project, despite a decision by the federal government to keep the proposed development site off-limits to large-scale metals mining.

John Shively, chief executive officer of the Pebble Limited Partnership, made that vow in a presentation at the Alaska Miners Association annual convention in Anchorage. He said the Pebble mine had the potential to transform the economy and improve lives in the rural Bristol Bay region, just as he said the Red Dog Mine, one of the world’s biggest zinc producers, has done in Northwest Alaska.

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Canadian mining company at centre of deadly Panama protests has no plans to scale back – by Pete Evans (CBC News Business – November 11, 2023)

https://www.cbc.ca/news/business/

Shares in First Quantum have dropped 40% since opposition to mining contract exploded recently

The Canadian mining company that controls a massive copper mine in Panama says it has no plans to alter its operations despite widespread local protests against the firm’s mining contract that have escalated and turned deadly.

Last month, Vancouver-based First Quantum Minerals Ltd. was awarded a contract to continue operations at a massive open-pit copper mine in Panama. The terms of that deal, which give the company the right to mine the site for at least the next two decades in exchange for $375 million US a year to the government, have become a flashpoint for local groups, some of whom oppose the mine plan for financial and environmental reasons.

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Solidifying Mount Isa’s mining future – by Tom Parker (Australian Resources and Investment – November 9, 2023)

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With Glencore set to downsize Mount Isa in 2025, what is the way forward for the North West Minerals Province?

Glencore’s recent announcement that its Mount Isa copper operations and Lady Loretta zinc mine would close in 2025 sent shockwaves through the Queensland mining industry.It signalled the end of two of Australia’s most iconic mining operations, which have supported the world with a sustainable supply of copper, lead, zinc and silver for up to 60 years.

In the wake of Glencore’s announcement, Queensland Premier Annastacia Palaszczuk announced a $50 million support package for the Mount Isa region and those affected by the impending closure.

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Rage Against Copper Producer Roils Markets, Panama Government – by Michael McDonald, James Attwood and Jacob Lorinc (Bloomberg News – November 9, 2023)

https://www.bnnbloomberg.ca/

(Bloomberg) — Panama’s ratification of a deal with a copper miner last month should have been a formality. Instead, it triggered nationwide protests that paralyzed the economy, destabilized the government and led to a nationwide ban on new mines.

The explosion of popular rage blindsided investors, forced authorities into a chaotic retreat and wiped out about $6.5 billion of value for shareholders of Canada’s First Quantum Minerals Ltd., a company regarded as a canny operator with decades of experience developing projects in Africa. A question mark now hangs over the future of its giant Cobre Panama mine.

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Protests against copper mine deal turn deadly in Panama – by Patrick Oppmann (CNN.com – November 8, 2023)

https://www.cnn.com/

CNN — Anti-mining protests that have roiled Panama for the last two weeks turned deadly on Tuesday when a man allegedly shot and killed two demonstrators, according to police.

A chilling video posted by bystanders on X, formerly known as Twitter, showed a disheveled elderly man apparently frustrated with the logjam trying to force the protestors to remove a barrier blocking the Pan American highway about 50 miles south of the capital, before pulling out a pistol and opening fire. Panama’s National Police later said they arrested the suspected gunman at the scene of the shooting.

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Rio Tinto CEO says China still promising mineral market as EVs boom – by Sayumi Take (Nikkei Asia – November 9, 2023)

https://asia.nikkei.com/

Mining giant sees ‘quite resilient’ economy, good iron and copper demand

TOKYO — China remains a key market for Rio Tinto, the Anglo-Australian mining company, even as the nation’s faltering economy and authoritarian regime concerns some Western governments and businesses, Chief Executive Jakob Stausholm told Nikkei Asia.

“There are some challenges in the property sector, but you have to bear in mind that the automotive sector is booming, particularly EV production and the export of EVs,” said Stausholm, who had just come from China to speak at Nikkei’s Global Management Dialogue in Tokyo on Wednesday.

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Hudbay Is in Talks to Draw Partner for Arizona Copper Project – by Jacob Lorinc (Bloomberg News – November 9, 2023)

https://www.bnnbloomberg.ca/

(Bloomberg) — Copper producer Hudbay Minerals Inc. is having informal talks with prospective partners to develop a deposit in Arizona as the mining industry pushes to bolster North America’s supply of key metals.

The Canadian company is looking to either sell a minority stake or form a joint venture to help finance its Copper World project in the second half of 2024, Chief Financial Officer Eugene Lei said in an interview Thursday.

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World will stop without copper but price not reflecting upcoming needs – by Martin Creamer (MiningWeekly.com – November 6, 2023)

https://www.miningweekly.com/

JOHANNESBURG (miningweekly.com) – Copper and zinc mine development company Orion Minerals is well placed to take advantage of the projected copper shortfall in the second half of this decade with its portfolio of short lead-time, quality assets and exploration potential, S2Research analyst Simon Hudson-Peacock stated on Monday.

Globally, there are very few copper projects of similar quality that are as advanced along the value curve with secured funding, as is the ASX- and JSE-listed Orion, with its 750 000 t of declared compliant copper equivalent mineralisation, Hudson-Peacock pointed out in the October 6 analysis.

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

https://www.mining.com/

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.

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

https://www.bnnbloomberg.ca/

(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.

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