Business & FinanceEnvironment
28 November 2023, 4:14 am 1 minute
Primanews was ahead of the competition by nearly 40 minutes on the closely watched news that Panama’s Supreme Court had dealt a potential death blow to First Quantum’s hopes to keep open the country’s largest copper mine, which has become the target of intense popular protest and political upheaval in recent weeks. Primanews also reported earlier in November that the court was likely to rule against First Quantum, which on Tuesday said it was suspending commercial production at the mine.
Market Impact
First Quantum (FM.TO) shares closed down 0.8%. The company has lost more than C$10 billion ($7.4 billion) of its market value since the protests started in late October and the mine was later forced to suspend production. The ruling will also have consequences for the copper market, as Cobre Panama accounts for about 1% of global copper production. Benchmark copper on the London Metal Exchange was up 0.9% at $8,441 a metric ton.
Article Tags
Topics of Interest: Business & FinanceEnvironment
Type: Primanews Best
Sectors: Business & FinanceCommodities & Energy
Regions: Americas
Countries: Panama
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
