June 12th, 2024

First Quantum shares continue to slide after Panama promises referendum

By The Canadian Press on October 31, 2023.

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.

Companies in this story: (TSX:FM)

Share this story:

10
-9
Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments