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…
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Barrick Gold CEO Mark Bristow has spoken with some of First Quantum Minerals’ major investors to gauge their support for a potential takeover as the gold giant seeks to become a major copper producer, reported Bloomberg. Canadian-based First Quantum has been left vulnerable after Panama ordered the closure of its new Cobre Panama mine last month, wiping out more than…
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Canadian miner First Quantum Minerals has suspended commercial production at its flagship Cobre Panama copper mine in Panama after the country’s Supreme Court ruled its contract as unconstitutional, reported Reuters. President Laurentino Cortizo said in a televised address that “the orderly and safe closure of the mine” would begin as soon as the ruling was formerly published in the official…
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Ore processing operations at the Cobre Panama copper complex have been reduced as a result of an illegal blockade of the mine’s port. Officials said small boats at the Punta Rincón port are being held up, causing it to ramp down one ore processing train, leaving just two operational, and also impacting supply deliveries for the site’s power generation plant,…
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First Quantum Minerals’ Minera Panama and the workers union Utramipa reached an agreement to avoid a planned strike at its Cobre Panama copper mine, reported Reuters. The news agency said Utramipa had threatened to stop work alleging an impasse in negotiation with the directors of Minera Panama over profit sharing and wage increases. Minera Panama confirmed in a September 9…
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