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After 10 months of negotiations between the parties, the country inked in October a multi-billion dollar deal with the miner letting it to operate its flagship Cobre Panama copper mine for the next 20 years.Shares in the company have fallen a shockingly 50% this week as uncertainty over the future of its key asset prompted investors to reduce their exposure. The stock closed at C$16.07 on Tuesday, it was last changing hands at C$14.41 on Wednesday morning in Toronto.
The bill has now been sent to the plenary for general debate, where it will require a majority vote in two separate sessions for definitive approval.since Cortizo’s referendum announcement, First Quantum said that “unconstitutionality challenges” have been brought against Law 406, which approves the revised mining concession contract for the company’s Cobre Panama mine.
“First Quantum has always been an advocate of Panama and its people and is committed to the rule of law with the objective to achieve benefits the country,” it said in the statement.The company said its giant copper mine contributes almost 5% of Panama’s Gross Domestic Product , makes up 75% of the country’s export of goods and has created at least 40,000 jobs, directly and indirectly.
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