First Quantum has been negotiating with Panama’s government to allow it to sell the copper that it mined before the dispute began. Copper was trading at $9772 a metric tonne at the London Metals Exchange on Wednesday. Any proceedings from the sale could help cover the costs of maintaining the mine.
“Obviously, in the context of election politics and a strong debate around that, the balance of probability probably spills over after the election,” said Tristan Pascall, CEO of First Quantum Minerals, when asked during an analyst call when the company expects to take out the copper concentrate from the mine site.
Cobre Panama is under dispute after the Panama Supreme Court nullified its mining contract and the country’s president closed the mine following the public protests.
A new government in Panama could overturn that, however polls show that people of Panama are still against mining.
The closure pushed First Quantum to…
