First Quantum jumps 5% on Panama plans for mine environmental audit
TORONTO - Shares of Canadian miner First Quantum Minerals closed 5% higher on the Toronto Stock Exchange on Tuesday after Panama said it would conduct an environmental audit of the company's Cobre Panama mine to decide whether it can safely reopen.
Panama's government ordered the closure of the Cobre Panama mine, one of the newest and biggest copper mines in the world, in December after protests calling for more environmental protections erupted across the country and a court ruling deemed the contract to run the mine unconstitutional.
President Jose Raul Mulino, who took office on Monday, made the announcement of an environmental audit in his first address as the head of the government.
"I will order a strict environmental audit of the mine, with the best international experts, so that the country knows the truth about the state of the site...," he said on Monday. He added that Panama will choose an auditing company and that will not generate any costs for the government.
"The plan to open and definitively close the mine in a safe and positive manner for our country will depend on the results of that environment study," Mulino said.
Trade and Industry Minister Julio Molto told Reuters that Panama's government is going to "review and analyze all the information available to make an informed and responsible decision."
First Quantum did not want to comment on the President's speech.
Last week, Reuters reported that First Quantum was planning to launch a formal arbitration proceedingagainst Panama this month.
Comments
Research Reports
Projects
Latest Multimedia
Showroom
Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...
VISIT SHOWROOM
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
