Korean miner to file lawsuit against Panama

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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First Quantum forced to halt Cobre Panama production

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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First Quantum, Utramipa reach deal, avoid strike

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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