The Cobre Panama mine is not in production since November last year when the Panama government ordered the mine shutdown due to public protests over environmental issues
The Cobre Panama mine of Canadian First Quantum Minerals, one of the world's largest open-pit copper mines, during a media tour, in Donoso, Panama, on Jan. 11.CEO Tristan Pascall said on Wednesday that he did not see Panama’s Cobre Panama copper mine re-opening this year.
However Panama’s newly elected President Jose Raul Mulino, who took charge this month, indicated a possibility of re opening the mine for its safe closure. The Cobre Panama mine contributed to 40% of First Quantum’s revenue and since the closure it has forced the company to carry a series of capital restructuring measures to cut its ballooning debt, including a pre-pay copper arrangement with its largest shareholder Jiangxi Copper Co
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