Copper Miner First Quantum Has Lost Half of Its Value This Week
- Uncertainty on company’s flagship Panama mine has hurt stock
- Stock tumble has erased $6.9 billion from firm’s market value
Graffiti that reads "No Mining" during a protest against First Quantum Minerals Ltd. in Panama City, Panama, on Wednesday, Oct. 25, 2023. The stock is plunging again, bringing the total decline this week to more than 50% as uncertainty deepens over the future of its flagship copper mine in Panama.
Photographer: Walter Hurtado/BloombergFirst Quantum Minerals Ltd. is plunging again, bringing the total decline this week to more than 50% as uncertainty deepens over the future of its flagship copper mine in Panama.
The Canadian metals producer tumbled as much as 15% Wednesday in Toronto, extending the decline to about 51% in the three trading sessions since Panama’s government said it planned to hold a referendum for voters to decide whether to extend or revoke First Quantum’s mining contract. Shares of the Vancouver-based company are trading at their lowest level in three years.