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Panama’s Supreme Court will consider a lawsuit which alleges that the nation’s contract with copper miner First Quantum Minerals Ltd. violates the constitution.
Shares of First Quantum fell in Canada trading after the statement, and were down 4.1% at 12.47 a.m. in Toronto.with the company on Oct. 20th that grants the company the right to mine copper for 20 years, with the option of an additional 20 years. It also includes a minimum annual payment to the government of $375 million, which President Laurentino Cortizo said will be used to increase pension payments to retirees beginning Nov. 20.
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