First Quantum argues that Panama must either let the 120,000 metric tons of the material leave the site or compensate the company based on the metal’s market value, according to people familiar with the matter. The claim is part of First Quantum’s two ongoing arbitration cases against Panama over shutting the $10 billion mine, said the people, who asked not to be named discussing confidential matters.
Compensation for the copper cache would be a welcome boost for First Quantum’s balance sheet after Panama ordered the closure of its mine last November following fierce public protests. The company is seeking at least $20 billion from Panama in two arbitration cases — one through the International Chamber of Commerce and another through the Canada-Panama Free Trade Agreement — filed after Cobre Panama’s closure.
Panama’s Commerce and Industry Ministry didn’t immediately provide a response to requests for comment….
