• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Panama president directs First Quantum to shut copper mine after court ruling
Business

Panama president directs First Quantum to shut copper mine after court ruling

November 29, 2023No Comments5 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

[1/2]Anti-mining activists gather outside Panama’s top court where deliberations started to rule on several constitutional challenges to First Quantum Minerals’ FM.TO contract for the Cobre Panama mine, in Panama City, Panama November 25, 2023. REUTERS/Aris Martinez/File Photo Acquire Licensing Rights

PANAMA CITY, Nov 28 (Reuters) – Panama’s president said on Tuesday that Canadian miner First Quantum’s lucrative copper mine Cobre Panama would be shut down, hours after the country’s Supreme Court declared its contract unconstitutional.

President Laurentino Cortizo said in a televised address on Tuesday evening that “the orderly and safe closure of the mine” would begin as soon as the Supreme Court’s ruling was formerly published in the official gazette.

Cobre Panama has sparked public anger in the country that has spilled into street protests. The protests began as small, environmental ones against the mine but have morphed into broader demonstrations against the government amid charges the contract was too generous.

First Quantum said on Tuesday it had suspended commercial production at the mine and was putting in into care and maintenance.

The ruling puts the company on the long and unpredictable road of international arbitration, although it has suggested it would seek to avoid the process if possible through pre-arbitration talks with the Panamanian government.

The contract in dispute was agreed last month by Panama’s government and provided First Quantum a 20-year mining right with an option to extend for another 20 years, in return for $375 million in annual revenue to Panama.

“We have decided to unanimously declare unconstitutional the entire law 406 of October 20, 2023,” Supreme Court President Maria Eugenia Lopez said on Tuesday.

See also  Meme stocks ride on, though investors more cautious than GameStop era

First Quantum acknowledged the ruling and affirmed its “unwavering commitment to regulatory compliance in all aspects of our operations within the country.”

Protester groups on social media said they would keep demonstrating until the ruling was published in the official gazette.

First Quantum (FM.TO) shares closed down 0.8%. The company has lost more than C$10 billion ($7.4 billion) of its market value since the protests started in late October and the mine was later forced to suspend production.

The ruling will also have consequences for the copper market, as Cobre Panama accounts for about 1% of global copper production. Benchmark copper on the London Metal Exchange was up 0.9% at $8,441 a metric ton.

Dwindling copper supply from Panama and Peru could wipe out global surplus in 2024, analysts said.

ELECTION FACTOR

Cobre Panama is an equally significant business for the Central American nation, contributing about 5% of Panama’s GDP. J.P. Morgan warned this month that the odds of Panama losing its investment-grade rating would rise significantly if the contract was revoked.

The fierce opposition toward the deal was becoming a major factor in the country’s May 2024 presidential election, with candidates pushing for more state control of the mine.

The company’s Panama unit in a statement on Tuesday said it would “remain attentive to constructive dialogue” on the mining contract before deciding its course of action.

A spokesperson for Canada’s foreign ministry said it respects the decision of Panama’s Supreme Court of Justice and was closely following the contract negotiations.

Former president, millionaire businessman and leading presidential candidate Ricardo Martinelli last week proposed that Panama renegotiate the contract with the Canadian firm to secure higher royalties and a stake in the project.

See also  Backlash Continues: Bud Light Is Now Cheaper Than Water In Some Places

But in response to the protests, Panama’s government enacted a bill in November banning all new mining concessions and extensions that legal experts have said would prevent the two parties from negotiating a new deal.

The country’s top court ruled against First Quantum’s previous contract in 2017. The decision was upheld in 2021, but the current government allowed the miner to keep operating while both parties negotiated a new deal.

For First Quantum, the Panama ruling would be a repeat of its experience in the Democratic Republic Of Congo, where it exited in 2012 after filing an arbitration procedure against the African country for cancelling its mining contract.

First Quantum sold its assets to Eurasian Natural Resources Corporation PLC for $1.25 billion and settled the dispute.

The company has spent about $10 billion in developing the Cobre Panama mine over a decade. The mine produced 112,734 tonnes of copper in the third quarter and accounted for about 46% of its overall third-quarter revenue of $2.02 billion, according to the company.

($1 = 1.3590 Canadian dollars)

Reporting by Elida Moreno and Valentine Hilaire; Additional reporting by Divya Rajagopal and Natalia Siniawski; Writing by Denny Thomas; Editing by Mark Porter and Rosalba O’Brien

: .

Acquire Licensing Rights, opens new tab

Valentine, a French-Panamanian who majored in journalism and philosophy, joined Reuters in December 2021 after spending eight years in Spain. She studied at the University of Navarra and after graduation held different roles at Spanish news outlets ‘El Español’, ‘El Confidencial’, and ‘La Información’. Valentine has helped boost the team’s win rate, broke news on high-profile developments, and collaborated with the Spanish service and polling teams. She spends her free time producing podcasts, playing violin, trying to learn Mandarin, and searching for the best cafes in town.

See also  Dollar gains on Fed rate hike bets, yen dips on Ueda comments
Copper Court directs Panama President Quantum Ruling Shut
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Vietnam in US-China Trade Tensions

April 1, 2025

‘Fauda’ Indian Adaptation ‘Tanaav’ Renewed for Season 2

September 14, 2023

Prabowo’s 8% Growth Gamble: Reform or Bureaucratic Bloat?

October 17, 2024

Fans Throw A Sex Toy At Lil Nas During Lollapalooza Set

July 4, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Kamala Harris Tells Word Salad About Having a ‘Jesse Jackson For President’ Bumper Sticker on Her Car (VIDEO) | The Gateway Pundit | by Cristina Laila

July 17, 2023

Newly-separated Justin Trudeau Goes Full Pink

August 7, 2023

Ending racial health disparities hinges on penalties, political will

July 12, 2023
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.