Canadian miner First Quantum to launch formal arbitration against Panama in July, sources say

will launch formal arbitration proceedings against Panama in July over the country’s decision to close the giant Cobre Panama mine last November, two people familiar with the matter told Reuters.that could determine the future of one of the world’s newest and biggest copper mines that had been responsible for 1 per cent of global output prior to being shuttered.

In response to a Reuters query, First Quantum declined to comment on the arbitration but directed Reuters to its statement on May 6 where the company said it looked forward to a dialog with the new administration. Panama’s President-elect, Jose Raul Mulino, in May ruled out talks with First Quantum over the future of the shuttered mine unless the company dropped its arbitration claims.

First Quantum had also been negotiating with the outgoing Panama administration to allow it to sell 130,000 tonnes of copper concentrate currently stuck at the mine. In a separate event on Thursday in Panama City, incoming industry minister Julio Molto said the issue of the disputed mine was a priority for the new government.

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