Orla, which also has assets in Mexico and in the US state of Nevada, said it would continue to monitor developments in Panama.
It also noted the situation in the Central American country, which recently forced First Quantum (TSX: FM) to shut down its giant Cobre Panama copper mine, remained uncertain and evolving quickly.
Orla added it has decided to not consider any further spending toward developing the Cerro Quema project.
“The company will explore all legal remedies available to protect historical investments and potentially unlock additional value for its stakeholders, including taking measures to protect its rights under international law,” Orla said in the statement.
Cerro Quema’s development considers open pit mining of 21.7 million tonnes of ore from the La Pava and Quema-Quemita pits. The operation, planned to be built in multiple phases, is estimated to be able to produce 81,000 ounces of gold over an estimated…
