Shares in First Quantum Minerals Ltd. continued to slide Tuesday, dropping almost 20 per cent to $16.07 on the TSX Tuesday after losing more than a quarter of their value on Monday. The open pit copper mine Cobre Panamá, run by Panamanian Mining company Minera Panamá, a subsidiary of Canada's First Quantum Minerals Ltd., stands in Donoso, Panama, Dec. 6, 2022. THE CANADIAN PRESS/AP-Abraham Teran
VANCOUVER – Shares in First Quantum Minerals Ltd. continued to slide Tuesday as uncertainty clouds the fate of its Cobre Panama mine.
Over the weekend, Panama’s government promised to hold a referendum on whether a deal with First Quantum over the mine should be scrapped.
Citizens in Panama have been protesting the long-term mining concession with First Quantum’s local subsidiary for more than a week. The scale and scope of the deal have raised both nationalist anger and environmental concerns.
In a statement Tuesday, First Quantum says it has contacted the government in order to understand the details of the referendum.
First Quantum says it’s proud to be a significant contributor to the Panamanian economy, noting its Cobre Panama mine contributes almost five per cent of the country’s GDP.
The miner’s stock price closed lower by $3.93 or 19.65 per cent on Tuesday at $16.07 on the TSX, after losing more than a quarter of their value on Monday.
– With files from The Associated Press
This report by The Canadian Press was first published Oct. 31, 2023.
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