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Battered Canadian mining company First Quantum Minerals FM.TO is bracing for a rocky road ahead as Panama moves to strike down its contract to operate one of the world’s largest copper mines.on whether to scrap the mine’s recently struck 20-year contract sparked a sell-off in Vancouver-based First Quantum shares. Investors wiped out about C$8.
The mine, which accounts for approximately 5% of the country’s GDP and supports more than 49,000 direct and indirect jobs, is Panama’s second-largest revenue source after the Panama Canal. The government has not commented on whether the mine must cease production if the contract is rejected. The number of workers per shift has been reduced at the mine due to food shortages prompted by road blockades and protests, Michael Camacho, a leader of the mine’s workers union told Reuters.
Most presidential candidates backed the approval of a contract during its negotiations. Members of the ruling party currently hold the majority of the seats in Congress, and backed the new contract.
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