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☆ 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

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

☆ 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

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. 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

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 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

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

☆ Amputee surfer making waves in the sport
▼ + stars: | 2023-06-12 | by ( Borja Suarez | ) www.reuters.com time to read: +1 min

[1/5] Sarah Almagro, 23, trains with her coach Javier Donoso, during the adaptive surfing Open LPA Surf City, Las Palmas, Gran Canaria, Spain, June 11, 2023. REUTERS/Borja SuarezLAS PALMAS DE GRAN CANARIA, June 12 (Reuters) - When Sarah Almagro was 18 she suffered meningococcal meningitis and surgeons had to amputate both her hands and feet. Almagro was among the competitors who took part in the Open LPA Surf City 2023 championship in Playa de las Canteras in Gran Canaria on Saturday. Adaptive surfing refers to surfing where people with disabilities adapt their techniques and equipment in order to be able to practise the sport. Surfing will not be part of the Paralympics next year in Paris, but Almagro hopes it will chosen as a sport for the Games from 2028.

Persons: Sarah Almagro, Javier Donoso, Borja Suarez, Almagro, Graham Keeley, Toby Davis Organizations: Gran Canaria, REUTERS, Borja Suarez LAS PALMAS DE GRAN CANARIA, Reuters, Games, Thomson Locations: Las Palmas, Gran, Spain, United States, Playa de las, Malaga, Paris

☆ Panama gives Canada's First Quantum go-ahead to operate port terminal
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

PANAMA CITY, March 11 (Reuters) - Panama's Maritime Authority has lifted a suspension on First Quantum Minerals' operations at the port of Punta Rincon, which the Canadian company uses to export copper concentrate from its key Cobre Panama mine, company sources said late on Friday. Two spokespersons for Minera Panama, First Quantum's (FM.TO) Panama unit, told Reuters the suspension dated Jan. 26 had been ended, which was confirmed by a source at the Maritime Authority. The company, which spent weeks at loggerheads with Panama over Cobre Panama, had said that once the suspension ended, it would be able to resume activity at the port quickly. The Panamanian government and First Quantum said on Wednesday they had agreed on the final text for a new contract on the operations of Cobre Panama, which accounts for about 3.5% of the country's gross domestic product. About 60% of the copper concentrate exported through Punta Rincon is destined for factories in China.

☆ Panama not willing to expand First Quantum's copper mine operations
▼ + stars: | 2023-01-26 | by ( Valentine Hilaire | ) www.reuters.com time to read: +3 min

MEXICO CITY (Reuters) - Panama will not allow Canada’s First Quantum to expand the area of its existing copper mining operations, the deputy environment minister told Reuters, stressing the government’s opposition to the firm’s request to use more land. FILE PHOTO: A general view of Cobre Panama mine owned by Canada’s First Quantum Minerals in Donoso, Panama December 6, 2022. Panama’s environmental ministry said that, from the $375 million it was requesting First Quantum pay each year, it aimed to use some $11 million on environmental protection around the mine. The government is reviewing requests for mining concessions in the area from other companies, such as Broadway Strategic Minerals Panama and Exploraciones Geologicas. Asked about those requests for concessions, Laguna said the Cobre Panama mine itself was already large enough and authorities needed to concentrate now on mitigating its environmental impact.

☆ Clock not yet ticking for First Quantum to halt Panama mine -minister
▼ + stars: | 2023-01-11 | by ( Valentine Hilaire | ) www.reuters.com time to read: +2 min

FILE PHOTO: A general view of Minera Panama owned by Canada's First Quantum Minerals in Donoso, Panama December 6, 2022. But the company must still make a $375 million payment to the government for its 2022 operations, even when it was operating without a contract, Minister Federico Alfaro told Reuters. The company has until this Friday to appeal the order, said Alfaro, who has been leading negotiations with First Quantum. Contract termination terms are among the sticking points to reach an agreement, the minister said. The government hopes to reach a deal with the firm via regular meetings with First Quantum representatives, said Alfaro.

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