Panama to Shut Down First Quantum Mine After Ruling, President Says
- President says authorities will start process to close mine
- First Quantum shares tumble over 8% in Toronto trading
Protesters attend a demonstration to celebrate a court ruling against First Quantum Minerals, during Independence Day in Panama City on Tuesday.
Photographer: Walter Hurtado/BloombergThis article is for subscribers only.
Panama’s government said it will shut a $10 billion copper mine owned by First Quantum Minerals Ltd., damping hopes that the company might reach a new deal to keep operating after a supreme court ruling against it.
Authorities will start “the transition process for the orderly and safe closure of the mine,” President Laurentino Cortizo said in a post on X Tuesday. He didn’t say how long the process might take. Production had already been halted after protesters blocked supplies from reaching the mine.