Overview

• First Quantum Minerals has suspended the contracts of 7,000 employees at its major copper mine in Panama due to force majeure.
• Panama's top court declared First Quantum's contract unconstitutional, leading to the suspension of the mine which accounts for about 1% of global copper output.
• Protests by local communities and fishermen have been instrumental in the mine's closure, with the latter blocking a key port, choking off supplies to the mine.
• First Quantum's CFO stated it is too early and challenging to consider bringing a new partner into the project due to the situation in the country.
• The mine's closure has wiped out about C$11 billion ($8.1 billion) from First Quantum's market value and raised global copper prices on supply worries.