“I’ve met with them, I continue to meet with them, and really, I’m really looking to supporting the Canadian company … as best as we can,” Ng said.
Large protests erupted last year against First Quantum’s contract to operate a lucrative Cobre Panama mine that was approved by the Panama government in October. Protesters argued it was too favorable to the Vancouver-based company.
In November, the Central American country’s top court ruled the contract unconstitutional, prompting the government to order the mine to shut down.
The Panama copper mine accounted for about 40% of First Quantum’s revenue and its closure led to a near-halving of the company’s market value.
First Quantum is now exploring options to “manage its balance sheet,” which include selling smaller mines, bringing strategic investors into its larger mines and evaluating ways to raise funds. It has also initiated international arbitration…
