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Panama Backs First Quantum's Contract for Mega Copper Mine

Natalie Obiko Pearson
Panama Backs First Quantum's Contract for Mega Copper Mine

The Panamanian government backed the contract governing First Quantum Minerals Ltd.’s mega copper mine in the central American nation, saying it remains in force after a Supreme Court ruling cast uncertainty on the project. The country’s top court ruled on Monday that Law 9 -- used to approve a mining concession contract between the state and Minera Petaquilla -- was unconstitutional. Minera Petaquilla, now known as Minera Panama SA, is majority-owned by Vancouver-based First Quantum.