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First Quantum starts arbitration process to protect rights at Cobre Panama

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TORONTO — First Quantum Minerals Ltd. says it has started arbitration proceedings to protect its rights at its Cobre Panama mine which has been the subject of environmental protests.

The Canadian miner says its Minera Panamá SA subsidiary has started the action before the International Court of Arbitration to protect its rights under a concession agreement with the government in Panama agreed to earlier this year. 

First Quantum suspended operations at its Cobre Panama mine earlier this week after Panama’s Supreme Court ruled unanimously Tuesday that a 20-year concession agreement covering the copper mine was unconstitutional.

The company says it is seeking additional details in respect of the ruling and its implications. 

The mine was temporarily closed last year when talks between the company and government broke down over payments the government wanted, but the two sides reached a deal in March.

The agreement, which was given final approval Oct. 20, has faced widespread protests including a blockade of small boats that prevented supplies from reaching the mine.

This report by The Canadian Press was first published Dec. 1, 2023.

Companies in this story: (TSX:FM)

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The Canadian Press

The Canadian Press is Canada’s independent national news agency that informs Canadians, providing depth, breadth and perspective with regional, national and international news 24/7/365.

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