Panama orders First Quantum’s copper mine closure...

Panama orders First Quantum’s copper mine closure

https://www.mining.com/panama-orders-first-quantums-copper-mine-closure/

Panama’s government has shut the US$10 billion copper mine (Cobre Panama mine) owned by First Quantum Minerals Ltd (FG).

Panama’s decision will have consequences for the copper market, as Cobre Panama mine accounts for about 1.5% of global production of the metal.

The move threatens to tighten global copper supply — while most analysts are forecasting a surplus in 2024, the glut would be significantly eroded and possibly disappear altogether with the closure of the Cobre Panama mine.

FQ warned the court’s decision doesn’t touch several important points, such as how the government plans to prevent the arrival of illegal miners at the Cobre Panama mine.

FYI: international arbitration will take years.

Makes copper in Australia more attractive.

Cheers

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