First Quantum ’s Cobre Panama mine was ordered to close late last year by outgoing president Laurentino Cortizo after the country’s Supreme Court ruled that First Quantum ’s mining contract was unconstitutional. Mr. Cortizo’s term ends on June 30.
Sam Crittenden, analyst with RBC Dominion Securities Inc. wrote in a note to clients that the election of Mr. Mulino is a good outcome for First Quantum given his pro-business credentials and his history of supporting the mining industry. However, Mr. Crittenden points out that since Mr.
Before the shutdown, Cobre Panama accounted for about half of First Quantum’s revenue. The company’s financial condition deteriorated so much in the aftermath that it was declared a “going concern risk” earlier this year. First Quantum in February refinanced US$2.2-billion of its debt and raised billions more in a new financing that has given the company significant financial breathing room for the next few years.
Source: News Formal (newsformal.com)
Aud-Headline Campaign Panama Mining Quantum Cent Company Election First First Quantum Minerals Ltd. Toronto Stock Exchange Ricardo Martinelli
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