Wedoany.com Report-Apr. 2, First Quantum Minerals Ltd. has taken a significant step by dropping its arbitration cases against Panama, signaling potential for more negotiations over the company's copper mine that has been shuttered for over a year. The mine, which was ordered to close in December 2023 due to anti-mining protests and political instability, has been a key asset for both Panama and First Quantum. As Panama's economy was valued at around 5% of its GDP before the mine's closure, the mine contributed approximately 40% of First Quantum's annual revenue. At its peak, the mine's output represented about 1.5% of global copper production, underscoring its importance to the sector.
Panama's President, Jose Raul Mulino, has reiterated that his government would only negotiate with First Quantum if the company ends its arbitration cases. First Quantum has emphasized its commitment to dialogue and collaboration, highlighting the economic implications of the mine's closure and the potential for a mutually beneficial solution. The company stated in a statement that it remains dedicated to working with the Panamanian government to find a resolution that benefits both parties.
