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☆ Copper futures hit record high as data center build-up, EV growth fuels demand
▼ + stars: | 2024-05-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Copper futures hit a record high on Wednesday as demand for the base metal stays strong amid a rush to build data centers and the continued electrification of the global economy. It is integral to manufacturing electric vehicles, power grids and wind turbines, especially as the global economy electrifies. The International Energy Agency is expecting power demand from data centers to more than double to over 1000 terawatt-hours (TWh) in 2026 from 460 TWh in 2022. Copper production growth forecast for 2024 has been cut to 0.5% compared with a 3.7% growth estimated by ICSG last October 2023. Anglo American, a major producer, said it would cut copper output in 2024 and 2025 as it seeks to cut costs.

Persons: ICSG Organizations: Aurubis, Bank of America, International Energy Agency, Study, Quantum Minerals, Citi, London Metals Exchange Locations: Hamburg, Germany

☆ Exclusive: Panama may slash GDP growth view due to suspension of First Quantum mine
▼ + stars: | 2023-12-04 | by ( Elida Moreno | ) www.reuters.com time to read: +2 min

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. Some experts calculate Panama would have to pay at least $50 billion if it loses the case, equivalent to nearly 70% of GDP. Ahead of the supreme court ruling, S&P revised Panama's outlook to negative from stable on potential risks to investor confidence and economic growth if the contract was found invalid. For First Quantum, the developments in Panama could be a repeat of its experience in the Democratic Republic Of Congo. The miner exited the African nation in 2012 after its mining contract was cancelled.

Persons: Hernan Arboleda, Laurentino Cortizo, Panamanians, Arboleda, Elida Moreno, Valentine Hilaire, Anthony Esposito, Edwina Gibbs Organizations: Minerals, REUTERS, Aris Mart, PANAMA CITY, Reuters, Gross, Panama, JPMorgan, Democratic, Thomson Locations: Panama, Donoso, PANAMA, Democratic Republic Of Congo

☆ First Quantum CEO: long-term sustainability uncertain if Panama operations end
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +1 min

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. The company has notified buyers it will not be able to meet agreements due to force majeure, Pascall added. Panama's top court issued a ruling deeming First Quantum's contract with the government to operate a key copper mine unconstitutional. The Canadian miner said on Friday it has initiated arbitration against Panama, with Pascall noting the company still does not know the amount it will be asking from the country during the process. Reporting by Elida Moreno and Valentine Hilaire; Editing by Brendan O'BoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Tristan Pascall, majeure, Pascall, Laurentino Cortizo, Elida Moreno, Valentine Hilaire, Brendan O'Boyle Organizations: Minerals, REUTERS, Aris, Panamanian, La Prensa, Panama, Thomson Locations: Panama, Donoso

☆ First Quantum CEO arrives in Panama after country orders mine shutdown
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: 1 min

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Acquire Licensing RightsNov 30 (Reuters) - The CEO of First Quantum Tristan Pascall has arrived in Panama, a company spokesperson said on Thursday after the Central American nation ordered the Canadian miner to shut down its key copper project. This is the first visit of the CEO since public protests erupted over the signing of a new contract on Oct. 20. The spokesperson did not give details of Pascall's agenda in the country. Reporting by Divya Rajagopal and Valentine Hilaire; Editing by Brendan O'BoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Tristan Pascall, Divya Rajagopal, Valentine Hilaire, Brendan O'Boyle Organizations: Minerals, REUTERS, Aris, Central American, Thomson Locations: Panama, Donoso

☆ First Quantum initiates international arbitration on Cobre Panama mine
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Acquire Licensing RightsDec 1 (Reuters) - First Quantum Minerals (FM.TO) has suspended its current-year production outlook for the Cobre mine in Panama and has initiated international arbitration over a contested contract with the country's government, the miner said on Friday. The Canadian company said its local unit had started arbitration before the International Court of Arbitration to protect its rights under the 2023 concession. On Tuesday, President Laurentino Cortizo said the Cobre Panama mine would be shut down, hours after Panama's Supreme Court declared the contract unconstitutional. The miner exited the African nation in 2012 after filing an arbitration procedure for cancelling its mining contract.

Persons: Laurentino Cortizo, Tristan Pascall, Tanay, Devika Syamnath Organizations: Minerals, REUTERS, Aris, International Court, Democratic, Thomson Locations: Panama, Donoso, Miami , Florida, Democratic Republic Of Congo, Bengaluru

Cobre Panama has said it is committed to growing more new forest than is impacted by its mine. "We aren't going anywhere," Sabino Ayarza, a representative of the protesting fishermen, told Reuters on Tuesday from his boat. Their grassroots movement, nearly unheard of in business-friendly Panama, has wiped C$11 billion ($7.4 billion) off First Quantum's market value and raised global copper prices on supply worries. The protesters' victory in Panama is emblematic of the outsized and sometimes unexpected influence local communities are having on mining companies worldwide. Cobre Panama accounted for about 46% of First Quantum's overall revenue in the third quarter, according to company data.

Persons: Aris Martinez, Sabino Ayarza, Ayarza, Codelco, Valentine Hilaire, Divya Rajagopal, Fabian Cambero, Christian Plumb, Denny Thomas, Nick Zieminski Organizations: REUTERS, Aris, PANAMA CITY, Minerals, Reuters, Panamanian, Tuesday, Scotiabank, Protesters, First, Thomson Locations: Panama City, Panama, PANAMA, TORONTO, Portugal, Peru, Chile, Macquarie, Mexico City, Toronto, Santiago

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. The comments are the first by the company on the future of the Cobre Panama mine's ownership since Tuesday's court ruling. Panama has seen unprecedented public protests after the government signed a new contract with First Quantum for its Cobre Panama mine. MacWilliam told the conference that given the events in Panama, it remains unclear when Cobre Panama will be able to resume operations. The mine closure also has consequences for the Central American nation, as Cobre Panama contributes about 5% to Panama's economy.

Persons: Laurentino Cortizo, Ryan MacWilliam, MacWilliam, Divya Rajagopal, Elida Moreno, Denny Thomas, Chizu Nomiyama, Nick Zieminski Organizations: Minerals, REUTERS, Aris, Rights TORONTO, Quantum, Scotiabank, Reuters, Jiangxi Copper Co, Central, Thomson Locations: Panama, Donoso, Canadian, Jiangxi, Central American, Lincoln

☆ Panama’s Supreme Court Rules Against Major Copper Mine
▼ + stars: | 2023-11-28 | by ( José De Córdoba | Anthony Harrup | ) www.wsj.com time to read: 1 min

The Cobre Panama mine represents about 1.5% of world copper production. Photo: stringer/ReutersPanama’s top court ruled Tuesday against a contract between the government and Canadian miner First Quantum Minerals , placing in jeopardy one of the world’s largest copper mines. The court unanimously ruled that a law passed in October by the National Assembly, which recently approved a revised contract between the mining company and the Panamanian government, is unconstitutional. The law provided a legal framework for the contract allowing the company to operate the large mine.

Organizations: Reuters, Minerals, National Assembly Locations: Panama, Panamanian

"We have decided to unanimously declare unconstitutional the entire law 406 of October 20, 2023," Supreme Court President Maria Eugenia Lopez said. First Quantum acknowledged the ruling and affirmed its "unwavering commitment to regulatory compliance in all aspects of our operations within the country." Panama President Laurentino Cortizo said the country will abide by the court ruling. For First Quantum, the Panama ruling would be a repeat of its decade-old experience in the Democratic Republic Of Congo. The company exited DRC in 2012 after it filed an arbitration procedure against the African country for cancelling its mining contract.

Persons: Aris Martinez, Maria Eugenia Lopez, Quantum, Laurentino Cortizo, Morgan, Ricardo Martinelli, Leonardo Di Caprio, Elida Moreno, Valentine Hilaire, Natalia Siniawski, Denny Thomas, Chizu Nomiyama, Mark Porter Organizations: Minerals, REUTERS, PANAMA CITY, Reuters, Panama, London Metal Exchange, Central, RBC, Democratic, Natural Resources Corporation PLC, Cobre, Thomson Locations: Panama's, Panama, Panama City, PANAMA, Central American, Democratic Republic Of Congo, Hollywood, Cobre Panama

☆ Top Panama court rules First Quantum mining contract unconstitutional
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: 1 min

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Acquire Licensing RightsPANAMA CITY, Nov 28 (Reuters) - Canadian miner First Quantum's contract to operate a lucrative copper mine in Panama is unconstitutional, Panama's top court said in a ruling made public on Tuesday. Challenges against the company's new contract, which was approved in October, piled up in court following public protests against the deal. Reporting by Elida Moreno Additional reporting by Valentine Hilaire and Natalia SiniawskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Elida Moreno, Valentine Hilaire, Natalia Siniawski Organizations: Minerals, REUTERS, Aris, PANAMA CITY, Thomson Locations: Panama, Donoso, PANAMA

PANAMA CITY (AP) — Panama’s Supreme Court ruled unanimously Tuesday that a 20-year concession for a Canadian copper mine that has been the focus of widespread environmental protests was unconstitutional. In March, Panama’s legislature reached an agreement with First Quantum allowing Minera Panama to continue operating the huge copper mine for at least 20 more years. The dispute over the mine led to some of Panama's most widespread protests in recent years, including a blockade of the mine’s power plant. A court decision that declared the contract unconstitutional was the last opportunity for opponents to get it thrown out. The Canadian government said it respected Tuesday's ruling and was following the contract negotiation closely.

Persons: —, Raisa Banfield, “, ”, Jean, Pierre J, ” ___ Rob Gillies Organizations: PANAMA CITY, Minerals, Pan, Naval, Panamanians, National Assembly, government’s Global Affairs Department Locations: PANAMA, Panama, Panama’s, Costa Rica, Minera Panama, Colon province, Toronto, America, Caribbean

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Acquire Licensing RightsNov 26 (Reuters) - Eight Panama workers of Canadian miner First Quantum were injured when protesters hurled rocks at a bus transporting them, a union leader said on Sunday, as tensions flared at the company's lucrative mine in the Central American country. Workers were injured as protesters smashed the bus' glass windows when they were leaving the mine located in Panama's Cocle province, said union leader Michael Camacho. The company's local unit Minera Panama said in a statement that one worker and some contractors were attacked in a violent incident. "The affected worker is in stable condition and currently receiving medical attention and emotional support," the company statement said.

Persons: Michael Camacho, Valentine Hilaire, Elida Moreno, Josie Kao Organizations: Minerals, REUTERS, Aris, Central American, Workers, Reuters, Thomson Locations: Panama, Donoso, Panama's Cocle, Panama's

View of the Cobre Panama mine, of Canada's First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Acquire Licensing RightsNov 24 (Reuters) - Panama's top court started deliberations on Friday to rule on several constitutional challenges to First Quantum Minerals' (FM.TO) contract for the Cobre Panama mine, an outcome keenly watched by the global copper market and investors. Cobre Panama is one of the world's biggest and newest copper mines, producing about 1% of global copper supply. "Over the long-term we've invested more than $10 billion in turning the Cobre Panama into a world-class asset," Pascall was quoted as saying. However, Panama's top court in 2017 deemed unconstitutional the law under which First Quantum was operating the mine.

Persons: Tristan Pascall, Pascall, Greta Thunberg, Leonardo Di Caprio, Quantum, Valentine Hilaire, Divya Rajagopal, Denny Thomas, Sonali Paul Organizations: Minerals, REUTERS, Aris, Reuters, First, Central, LatAm, Co, Thomson Locations: Panama, Donoso, Central American, Jiangxi

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. Operations are set to resume once the port blockade is resolved, the spokesman added. Protests have escalated since the government and First Quantum signed a new contract on Oct. 20 for the Cobre Panama concession, which contributes 1% to global copper production and 5% to Panama's gross domestic product. "In terms of production we are talking about a temporary halt because of the illegal blockade. The company says an "illegal blockade" of small boats at the mine's Punta Rincon port has been disrupting the mine's activity.

Persons: Michael Camacho, Valentine Hilaire, Divya Rajagopal, Brendan O'Boyle, Sarah Morland Organizations: Minerals, REUTERS, Aris, Quantum Minerals, Reuters, First, Thomson Locations: Panama, Donoso, Rincon

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. This move would effectively suspend production at the Cobre Panama mine until coal supplies resume as the mine cannot operate without power, one of the sources said. Protests have escalated since the government and First Quantum signed a new contract on Oct. 20 for Cobre Panama, which contributes 1% to global copper production and 5% to Panama's gross domestic product. "The focus will be to maintain the tailings pond 24/7," one of the sources said about the maintenance. Panama's top court will hear the legality of the contract awarded to First Quantum from Nov, 24, the company said in the statement.

Persons: Divya Rajagopal, Julian Luk, Denny Thomas, Chizu, Marguerita Choy Organizations: Minerals, REUTERS, Aris, Rights, Cobre, Reuters, First, Thomson Locations: Panama, Donoso, Rights TORONTO, LONDON, Cobre Panama, Toronto, London

☆ Panama port blockade keeps supplies from First Quantum mine, company says
▼ + stars: | 2023-11-17 | by ( Elida Moreno | ) www.reuters.com time to read: +2 min

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. Protests have in recent weeks escalated against the miner's contract for a major copper mine operated by the company's local unit, known as Minera Panama. "The illegal actions carried out by small vessels in the port of Punta Rincon have affected the delivery of supplies that are required by Minera Panama, including for energy generation," the company said. Earlier this week, First Quantum reported that the protests blocking the port had reduced ore processing at its Cobre Panama mine, the first sign that the mine's output was at risk. On Thursday, the union for Minera Panama said it reached agreements with the company to ensure worker pay as protests kept some workers from reaching their jobs.

Persons: Senan, Eli Moreno, Brendan O'Boyle, Kylie Madry Organizations: Minerals, REUTERS, Aris, PANAMA CITY, Reuters, Minera, Aeronaval Service, CSL, Cobre, Thomson Locations: Panama, Donoso, PANAMA, Punta Rincon, Minera Panama, Panamanian, Cobre Panama

View of the Cobre Panama mine, of Canada's First Quantum Minerals, in Donoso, Panama, December 6, 2022. Panama has a long mining history but Cobre Panama is the first major new investment this century. There are now calls not just for the Cobre Panama mine to be closed but for Panama to shun all future mining as well. By the time detailed negotiations on a new contract started in 2021, the mine was already ramping up to full production. The tale of Cobre Panama is an object lesson in getting it wrong.

Persons: El Salvador, Rosalba O'Brien Organizations: Minerals, REUTERS, Aris, Quantum, Environmental, Panama's, Justice, Supreme, Canada, Swedish Sámi Association, European Union, Reuters, Thomson Locations: Panama, Donoso, Rincon, Cobre Panama, Canada, American, Europe, Serbia, Scandinavia, Russia, Panamanian

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. Two Panamanian prosecutors have deemed the contract unconstitutional after examining legal challenges submitted to the court. First Quantum did not reply to a request for comment on the future of the contract pending court proceedings. Panama's mining chamber has urged against canceling the contract, saying First Quantum could sue Panama for at least $50 billion. Another lawyer said the court could also move to declare parts of the contract unconstitutional, which would not annul it completely.

Persons: Maritza Cedeno, Ariel Corbetti, Corbetti, Juan Carlos Arauz, Arauz, Victor Baker, Valentine Hilaire, Divya Rajagopal, Elida Moreno, Denny Thomas, Marguerita Choy Organizations: Minerals, REUTERS, Aris, Jiangxi Copper Co, Reuters, Panama, Thomson Locations: Panama, Donoso, Jiangxi, China

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. The disruption was caused by an "illegal blockade" of small boats at the mine's Punta Rincon port, the company said in a statement. The protests began after the Panamanian government and First Quantum signed a new contract on Oct. 20 for Cobre Panama, which contributes 1% to global copper production and 5% to Panama's gross domestic product. The demonstrators say the new terms are too generous to First Quantum and allege corrupt practices in its approval. A reduction of ore processing could potentially impact about 2% of Panama's national workforce, the company said, adding that two ore processing trains remain operational.

Persons: Sourasis Bose, Valentine Hilaire, Sriraj Kalluvila, Rosalba O'Brien Organizations: Minerals, REUTERS, Aris, Cobre, Reuters, Thomson Locations: Panama, Donoso, Rincon, Panamanian, Cobre Panama, Bengaluru, Mexico City

☆ Two demonstrators killed amid anti-mining protests in Panama
▼ + stars: | 2023-11-08 | by ( Patrick Oppmann | ) edition.cnn.com time to read: +5 min

CNN —Anti-mining protests that have roiled Panama for the last two weeks turned deadly on Tuesday when a man allegedly shot and killed two demonstrators, according to police. For weeks, tens of thousands of protestors have vented their fury at a controversial mining contract given to Minera Panama, the local subsidiary of a Canadian mining company, to extract copper, a key component in electric car batteries. Teachers march to protest the deaths of two people during a demonstration against the government's contract with Canadian mining company First Quantum and its subsidiary Minera Panama in Panama City on November 8, 2023. Roberto Cisneros/AFP/Getty ImagesA march against the government contract with Canadian mining company First Quantum and its subsidiary Minera Panama in Panama City on November 3, 2023. In 2017, Panama’s Supreme Court declared another contract to operate the copper mine as unconstitutional, forcing the mining company and government to renegotiate the deal.

Persons: Manuel Noriega, Roberto Cisneros, Panamanians, Martita Cornejo, Panama John Feeley, ”, Weeks, Laurentino Cortizo, “, ” Cortizo Organizations: CNN, Twitter, Pan, Panama’s National Police, Central, Minerals, Minera, AFP, Getty, ”, Panama’s Locations: Panama, Central American, Canadian, Minera Panama, Panama City, Panamanian, Colombia, Panamanian State

View of the Cobre Panama mine, of Canada's First Quantum Minerals, in Donoso, Panama, December 6, 2022. That leaves the fate of the contract for now in the hands of the country's top court. Panama's moves raise questions about copper supplies, as Cobre Panama accounts for about 1% of global output. First Quantum inherited the contract after it replaced Petaquilla Gold as operator of the mine in 2013. Panama's top court will hear various challenges against the contract in the coming days.

Persons: Valentine Hilaire, Divya, Denny Thomas, Rod Nickel Organizations: Minerals, REUTERS, Aris, First, Thomson Locations: Panama, Donoso, Canada

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. First Quantum on Tuesday reaffirmed its commitment to the rule of law with the objective of benefiting Panama. First Quantum and its local unit Minera Panama declined to comment further. A decision to cancel the Cobre Panama mine's contract could slow Panama's GDP growth from an anticipated 6% in 2023 to just 1% without the mine in operation on an annualized basis. The odds of Panama losing its investment-grade rating would rise significantly if the contract is revoked, J.P Morgan warned on Tuesday.

Persons: Laurentino, J.P Morgan, Adriana Linares, Jackie Przybylowski, Michael Camacho, Frank De Lima, Juan Diego Vasquez, Edison Broce, Divya Rajagopal, Valentine Hilaire, Elida Moreno, Steve Scherer, Denny Thomas, Rod Nickel Organizations: Minerals, REUTERS, Aris, Quantum Minerals, Panama, Canada's Global Affairs, Reuters, Bank of Montreal, Finance, Economy, Independent, Thomson Locations: Panama, Donoso, Vancouver, Canada, Toronto

TORONTO, Oct 30 (Reuters) - Shares in First Quantum Minerals (FM.TO) closed down 28% on Monday after Panama's government said it will hold a referendum on whether to scrap a mining contract awarded to the Canadian mining company on Oct. 20. Shares of First Quantum closed at C$20 after falling as much as 30% earlier in the trading session. President Laurentino Cortizo's decision to hold a binding referendum on Dec. 17 comes after 10 months of disputes regarding First Quantum's open pit mine at Cobre Panama. Thousands of people hit the streets over last weekend after the government approved the new contract with the company. Cobre Panama represents nearly 5% of Panama's gross domestic product and 1.5% of global copper production, according to RBC Capital Markets.

Persons: Panama's, Laurentino, Jefferies, Divya Rajagopal, Eli Moreno, Valentine Hilarie, Tomasz Janowski, Will Dunham, Jan Harvey Organizations: TORONTO, Quantum Minerals, Central American, Cobre, RBC Capital Markets, Thomson Locations: Toronto, Panama, Cobre Panama, Panama City

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. President Laurentino Cortizo announced that the new mining restrictions will apply to both future mining projects as well as those currently seeking permits. The abrupt mining pause comes barely a week after Cortizo hailed the revised contract that allows the local unit of Canada's First Quantum (FM.TO) to continue operating its lucrative Cobre Panama project. "Panama is a mining country," Alexander told Reuters, arguing that without the mine, the country's economy would barely grow this year, versus the robust 6% growth the government estimates. The Cobre Panama mine alone accounts for nearly 5% of Panama's economy.

Persons: Laurentino Cortizo, Cortizo, Hector Alexander, Alexander, Panama's, Edison Broce, Valentine Hilaire, Christian Plumb, Marguerita Choy, Raju Gopalakrishnan Organizations: Minerals, REUTERS, Aris, Reuters, Thomson Locations: Panama, Donoso

☆ Panama protesters detained in mine contract clashes, police injured
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Acquire Licensing RightsCompanies First Quantum Minerals Ltd FollowPANAMA CITY, Oct 24 (Reuters) - Police arrested nearly 50 protesters in Panama in confrontations over a new government-approved contract for a major copper mine, officials said on Tuesday, adding that five police officers were injured in the clashes. Last week, lawmakers gave final approval for the extended concession covering the Cobre Panama mine operated by Canada's First Quantum (FM.TO). Some locals and civic organizations have opposed the contract due largely to concerns about the mine's environmental impact. The police noted two officers were wounded by gunshots on Monday night in Panama City, while three others where beaten in a street blockade in Chiriqui.

Persons: Laurentino Cortizo, Elida Moreno, Sarah Morland, David Alire Garcia, Rod Nickel Organizations: Minerals, REUTERS, Aris, Quantum Minerals, PANAMA CITY, Police, Pan, Thomson Locations: Panama, Donoso, Colon, Chiriqui, Central America, Panama City

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