By Canadian Press

First Quantum shares stage partial rebound after Panama’s congress backtracks

Nov 3, 2023 | 10:18 AM

VANCOUVER — Shares of Vancouver-based mining company First Quantum bounced back almost nine per cent in midday trading Friday after falling by nearly half this week.

The rally comes after Panama’s National Assembly on Thursday scrapped a provision to revoke a controversial mining contract that had sparked nationwide protests over the past two weeks.

An indefinite moratorium on new mining activities passed a second vote in the chamber, but not before the article nixing the government’s contract with First Quantum subsidiary Minera Panama was stripped.

In response, shares of the Vancouver-based company had rebounded by $1.38 to $17.10 on the Toronto Stock Exchange by early afternoon — after plunging from an Oct. 27 close of $27.96.

First Quantum says production at its Cobre Panama mine remains uninterrupted, though protests and road blockades have caused supply shortages and disruptions at the site.

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Laurentino Cortizo, Panama’s president, initially gave final approval on Oct. 20 to the 20-year contract for an open pit copper mine, which environmentalists argue imperils local drinking water and threatens to destroy more of the dense jungle surrounding it.

— With files from The Associated Press

This report by The Canadian Press was first published Nov. 3, 2023.

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