On August 28th, Jin10 Data reported that First Quantum Minerals is seeking compensation from Panama for a batch of semi-processed copper ore stranded in the mine. Calculated at the current copper price, these materials, worth $225 million to $340 million, have been idle for months in this giant mine, and the Panamanian government is determining whether the metals were mined before or after the closure of the Cobre copper mine in Panama last year. First Quantum Minerals warned that this issue must be resolved as soon as possible, as idle copper ore will depreciate and cause environmental harm. Panama ordered the closure of the Cobre copper mine, one of the world’s largest copper mines, last year, as the country’s court ruled that the renewal of the operating contract for the Cobre copper mine between the Panamanian government and the Canadian mining company First Quantum Minerals was unconstitutional.
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