{"id":33619,"date":"2023-03-03T22:55:02","date_gmt":"2023-03-04T03:55:02","guid":{"rendered":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=33619"},"modified":"2023-03-03T22:55:19","modified_gmt":"2023-03-04T03:55:19","slug":"first-quantum-losing-8-million-day-cobre-panama-halt","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/first-quantum-losing-8-million-day-cobre-panama-halt\/","title":{"rendered":"First Quantum losing $8 million a day on Cobre Panama halt"},"content":{"rendered":"

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Canada\u2019s First Quantum Minerals (TSX: FM) says it\u2019s experiencing losses of up to $8 million a day due to the suspension of ore processing and port loading affecting its giant copper mine in Panama.<\/p>\n

In a letter sent this week to the country\u2019s Maritime Authority (AMP), the chief executive of First Quantum\u2019s local unit, Minera Panama, said the halt ordered last week has had a domino effect.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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CEO Alan Delaney warned the longer activities are suspended, the greater the \u201cexponential and irreparable damage to the company and stakeholders, including the workforce.\u201d<\/p>\n

He noted the government\u2019s measure, which adds to a previous directive to\u00a0suspend loading operations at the mine\u2019s Punta Rinc\u00f3n port, had forced the company to kicked off a process to suspend contracts for over 4,000 workers, as required by Panamanian labour laws.<\/p>\n

The executive noted that move was due to the fact the company has no way of determining how long AMP will prevent the company from exporting and processing ore.<\/p>\n

The petition was rejected Thursday evening, according to local press, with the authority saying that any suspension of employment contracts while a company is engaged in negotiations must have prior judicial authorization.<\/p>\n

Negotiations between the Toronto-based miner and the country\u2019s government over a new contract for the mine\u00a0turned sour in December, when the President announced a plan to halt the operation.<\/p>\n

Talks have continued since and, at times, they\u00a0seemed to progress towards ending the months-long dispute over a mine that accounts for about 1.5% of the world\u2019s copper production.<\/p>\n

Read More…<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Canada\u2019s First Quantum Minerals (TSX: FM) says it\u2019s experiencing losses of up to $8 million a day due<\/p>\n","protected":false},"author":5,"featured_media":33620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[242,10,12,247,241,39,34,62,42,219,11,249,7,246],"class_list":["post-33619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-articles-panama-perpsective","tag-boca-chica-real-estate","tag-bocas-del-toro","tag-boquete","tag-boquete-boca-chica-real-estate","tag-boquete-real-estate","tag-buenaventura","tag-casco-antiguo","tag-coffee-in-panama","tag-estate-homes-in-panama","tag-move-to-panama","tag-offshore-real-estate","tag-panama-offshore-real-estate","tag-panama-real-estate","tag-relocate-to-panama"],"yoast_head":"\nFirst Quantum losing $8 million a day on Cobre Panama halt - Blog and Newsletter<\/title>\n<meta name=\"robots\" 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