Canada's First Quantum Delays Cobre Panama Arbitration Final Hearing
Toronto-listed First Quantum Minerals (FM.TO) announced on Tuesday that the final hearing for the Cobre Panama arbitration under the International Chamber of Commerce proceedings has been rescheduled to February 2026 from September 2023.
Background:
Cobre Panama, one of the world's largest copper mines, was halted in November 2023 following a Supreme Court ruling declaring its contract unconstitutional. The closure was also prompted by environmental concerns.
Extension Request:
First Quantum disclosed that Panama's government had requested an extension of submission deadlines from the arbitration panel, citing the replacement of external legal counsel and the need for the new administration to review the mine's situation.
Previous Developments:
In 2022, Reuters reported that First Quantum offered voluntary retirement options to mine employees pending government approval for resuming operations.