First Quantum Initiates Arbitration Over Halted Copper Mine in Panama

The move follows a Panamanian Supreme Court ruling declaring the mine's 20-year concession unconstitutional.

First Quantum Minerals Ltd., a Canadian mining company, has initiated arbitration proceedings in response to a Panamanian decision to halt a major open-pit copper mine concession in Panama.
The company has requested one arbitration under the Canada-Panama Free Trade Agreement and has also started proceedings before the International Court of Arbitration.
Panama's Supreme Court declared the legislation granting the mine a 20-year concession unconstitutional, a decision celebrated by thousands of Panamanian activists.
The mine, which would be closed by the court ruling, has been an important economic engine for the country since it began large-scale production in 2019, contributing the equivalent of 5% of Panama’s GDP.
First Quantum's CEO, Tristan Pascall, has arrived in Panama following the country's decision to shut down the mine.