Rage Against Copper Producer Roils Markets, Panama Government
- Mine deal gone sour wipes $6.5 billion off First Quantum value
- Protesters vow to stay in streets until supreme court ruling
This article is for subscribers only.
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.