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First Quantum Minerals

All articles tagged with #first quantum minerals

business-mining2 years ago•3 min saved

First Quantum Minerals Halts Dividend, Sells Mines After Panama Setback

First Quantum Minerals is taking drastic measures to free up cash after being ordered to close its $10 billion copper operation in Panama, including cutting spending, pausing its dividend, and considering selling smaller mines and stakes in larger assets. The company's market value has been hit hard, and it plans to reduce capital spending by $400 million this year. The closure of its Panama mine has led to uncertainty about the company's finances, with billions of dollars of debt maturing in the coming years. Despite the setbacks, First Quantum remains committed to Panama and is working to address the mine's suspension while also exploring potential takeover interest from rival Barrick Gold Corp.

via Yahoo Finance|

#business-mining #copper #financial-strategy

business2 years ago•4 min saved

Panama's Fishing Boats and Mining Contracts: First Quantum's Troubles and Canada's Copper Concerns

A group of fishing boats has been blocking a key port in Panama for over a month, disrupting coal and essential supplies to First Quantum Minerals' copper mine and forcing the company to halt operations. The fishermen are protesting against the company's appropriation of resources, land, and water, and expressing concerns about the mine's environmental impact. Panama's top court recently declared First Quantum's contract unconstitutional, leading to the mine's orderly shutdown. The protests have wiped off billions from the company's market value and raised global copper prices. The fishermen are determined to continue their blockade until concrete steps are taken to close the mine, while the company faces the risk of potential default and threats to its liquidity.

via Reuters Canada|

#business #copper-mine #environmental-concerns

business2 years ago•3 min saved

Panama's Copper Mine Contract in Jeopardy: Protests and Bans Threaten Business Image

Panama's potential cancellation of a contract for the Cobre Panama copper mine, one of the world's largest and newest, through a referendum and proposed law has alarmed global investors and caused a significant drop in First Quantum Minerals' market value. The dispute stems from a 2017 court ruling deeming the law under which First Quantum operated the mine unconstitutional. Protesters argue that the contract is overly generous to the Canadian miner, alleging corruption and environmental risks. The fate of the contract now rests with Panama's top court, and local experts suggest that allowing the court to rule on its validity would be the best resolution to avoid potential international arbitration.

via Reuters|

#business #contract-dispute #copper-mine

business2 years ago•2 min saved

Panamanian Protests Spark Referendum on First Quantum Minerals' Mining Contract

Protesters in Panama have broken into an international port used by First Quantum Minerals, a Canadian mining company. The protests, which have spread throughout the country, are fueled by concerns over the potential environmental impacts of the company's mining operations. Demonstrators are demanding the repeal of a law governing the mining concession and the shutdown of the Cobre Panamá mine. In response, Panama's President has announced a ban on new metal mining concessions and expressed openness to discussing First Quantum's contract. The country's Supreme Court is also considering a lawsuit alleging that the contract violates the constitution. The mine, which is First Quantum's top money-maker, accounts for about 1.5% of global copper output.

via MINING.com|

#business #environmental-concerns #first-quantum-minerals