Shares in Canadian miner First Quantum Minerals (FM.TO) fell as much as 30% on Monday after Panama's government said it will hold a referendum on whether to scrap a mining contract awarded to the company earlier this month.
View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photofell as much as 30% on Monday after Panama's government said it will hold a referendum on whether to scrap a mining contract awarded to the company earlier this month.
Its operations have also been disrupted by a row over a revenue-sharing agreement, which culminated in mass demonstrations at the weekend where protestors stormed a port used by the company. Cobre Panama represents nearly 5% of Panama's gross domestic product and 1.5% of global copper production, according to RBC Capital Markets.
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