FQM Sees 6% Surge on TSX Amid Panama’s Cobre Panama Mine Audit
Shares of Canadian miner First Quantum Minerals surged 6% on the Toronto Stock Exchange early Tuesday, driven by news of Panama’s decision to conduct an environmental audit of the Cobre Panama mine to assess its potential reopening.
President Jose Raul Mulino, who assumed office on Monday, announced the environmental audit in his inaugural address. “I will order a rigorous environmental audit of the mine, involving top international experts, to provide clarity on its current state,” President Mulino stated. He emphasized that the auditing costs will not burden the government.
“The future of reopening or permanently closing the mine in a safe and beneficial manner for our nation hinges on the findings of this environmental assessment,” Mulino added.
First Quantum Minerals did not respond to requests for comment.
The Cobre Panama mine, renowned as one of the largest and newest copper mines globally, was directed to cease operations by the Panamanian government last December following public demonstrations.
Reuters recently reported that First Quantum is preparing to initiate formal arbitration proceedings against Panama later this month.
