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First Quantum Falls as Panama Court Casts Uncertainty on Project

Natalie Obiko Pearson
First Quantum Falls as Panama Court Casts Uncertainty on Project

Canadian miner First Quantum Minerals Ltd. headed for a one-week low after a ruling by Panama’s Supreme Court cast uncertainty over a major copper mine it’s developing in the central American country. Local media in Panama reported that the court ruled on Monday that Law 9 -- used to approve a mining concession contract between the state and Minera Petaquilla in February 1997 -- was unconstitutional. Minera Petaquilla, now known as Minera Panama SA, is majority-owned by Vancouver-based First Quantum.