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First Quantum has suspended mine arbitration, says Panama President

First Quantum has suspended mine arbitration, says Panama President

Panama's president Jose Raul Mulino stated on Thursday that First Quantum Minerals, a Canadian miner, has not yet notified his government that it has suspended arbitration regarding its closed copper mine.

A memo sent by the local Cobre Panama unit last Friday revealed that the company had told its lawyers to begin work on suspending arbitration against Panama. The memo was referring to the cases the company filed following the 2023 government shutdown of the mine due to protests about environmental concerns.

Mulino stated that the government will not be able hold discussions with First Quantum before the suspension of arbitration is finalized. However, he believes the miner has taken the right legal steps.

He told a news conference that he had not been informed of the suspension. "But in good faith I assume it is a process... that takes time," he said.

There will be no formal conversation until we are notified.

Mulino said that he would begin discussions with his team, the mining chamber of Panama and other officials next week about Cobre Panama.

At 1501 GMT, shares of First Quantum were down 0.6%. Reporting by Elida Morland, Daina Beth Solon and Frances Kerry. Editing by Sarah Morland & Frances Kerry.

(source: Reuters)