Panama Judges Throw Doubt on Future of First Quantum Mine
- Supreme Court magistrates voted unanimously against the deal
- Copper mine produces more than 1% of global copper output
The Cobre Panama mine in Donoso, Panama.
Photographer: Luis Acosta/AFP/Getty Images
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Panama’s top court ruled against a law approving a contract with First Quantum Minerals Ltd., throwing into doubt the future of one of the world’s biggest copper operations.
The company’s shares fell as much as 8.3% in Toronto before paring most losses as copper prices on the London Metal Exchange rose 1.3% on upbeat economic expectations in China and tightening supply. Panama’s dollar bonds dropped as the government faces the prospect of losing a large source of revenue.