After months of protests and political pressure, in late November, the Panamanian government ordered the closure of First Quantum Mining's Cobre Panama mine after the Supreme Court ruled that the mine's mining contract was unconstitutional.
Public figures including climate activist Greta Thunberg and Hollywood actor Leonardo dicaprio supported the protests and shared a video calling for the "giant mines" to stop operations, which quickly went viral.
FQM's latest statement, issued Friday, said the Panamanian government hasn't provided a legal basis for the Vancouver-based company to carry out its closure plan. Panama's industry ministry said the plan won't be submitted until June next year.
FQM has filed two notices of arbitration over the closure of the mine. The mine has not operated since October, when protesters blocked its shipping port. However, Tristan Pascall, the company's chief executive, said arbitration would not be the company's preferred outcome.
In the wake of the unrest, FQM said it should have done a better job communicating the value of the $10 billion mine to the wider public and would now spend more time engaging with Panamanians ahead of national elections next year. FQM shares have rebounded in the past week, but are still more than 50% below the highs they hit in July.
