State-run Korea Mine Rehabilitation and Mineral Resources (KOMIR) is seeking 1 trillion won (US$747.1 million) from the government of Panama over expected losses from the shutdown of the Cobre Panama copper mine, reported The Korea Economic Daily.
KOMIR had acquired a 10% stake in Minera Panama, a subsidiary of First Quantum Minerals, in 2009. Minera Panama is the operator of Cobre Panama, which was ordered to halt production late last year after the country’s Supreme Court ruled the mining contract as unconstitutional.
The Korea Economic Daily said KOMIR is expected to use law firm Kim & Chang to deal with the dispute settlement.
Source: The Korea Economic Daily