By Ketki Saxena
Investing.com – Panama’s government has formally ordered First Quantum Minerals (TSX:FM) Ltd. to end all operations at its Cobre Panama mine.
First Quantum is ordered to “end extraction, processing, refining, transportation, export and sales activities,” as per a statement from the company.
The order follows a ruling from Panama’s top court last month that First Quantum’s contract to operate the mine was unconstitutional, after months of nationwide protests.
Last week, First Quantum announced that it had initiated international arbitration to protect its rights under a previously agreed 2023 concession agreement with the government of Panama, and the Canada-Panama free trade agreement.