We've Updated Our First Quantum Bear Case to Account for Revised Cobre Panama Mining Concession
On Sept. 24, local media in Panama reported that the Panama Supreme Court ruled that Law 9 of 1997 is unconstitutional. Law 9 was used to approve First Quantum's concession contract between its local subsidiary and the state for the Cobre Panama mine, which is scheduled to begin production next year. First Quantum management has stated it does not believe that its contract will be affected by the court's ruling. We note that this dispute will likely take some time to resolve and could result in ...First Quantum Minerals is engaged in the production of copper, nickel, gold, zinc, platinum-group elements and acid, and related activities including exploration and development. Co. has operating mines located in Zambia, Australia, Finland, Turkey, Spain and Mauritania. Co. is developing the Trident project in Zambia, the Cobre Panama copper project in Panama, exploring the Haquira copper deposit in Peru and the Taca Taca copper-gold-molybdenum porphyry deposit in Argentina. Co.'s operating segments are individual mine development projects or mine operations. The Corporate and Other segment evaluates and acquires new mineral properties and includes Co.'s metal marketing division.
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