First Quantum argues that Panama should both let the 120,000 metric tons of the fabric go away the positioning or compensate the corporate primarily based on the steel’s market worth, based on folks accustomed to the matter. The declare is a part of First Quantum’s two ongoing arbitration circumstances in opposition to Panama over shutting the $10 billion mine, mentioned the folks, who requested to not be named discussing confidential issues.
Compensation for the copper cache could be a great addition for First Quantum’s stability sheet after Panama ordered the closure of its mine final November following fierce public protests. The corporate is looking for not less than $20 billion from Panama in two arbitration circumstances — one by way of the Worldwide Chamber of Commerce and one other by way of the Canada-Panama Free Commerce Settlement — filed after Cobre Panama’s closure.
Panama’s Commerce and Business Ministry didn’t instantly present a response to requests for remark. First Quantum declined to remark.
The Vancouver-based firm had anticipated to have the ability to ship the copper materials earlier this yr. It’s now arguing it’s entitled to damages to compensate for the time that the fabric has been barred from cargo, mentioned one particular person accustomed to the matter.
The ICC’s Worldwide Court docket of Arbitration case is essentially the most superior of the 2 proceedings with a closing listening to scheduled for September 2025, First Quantum mentioned in its July 24 earnings name with traders.
Canadian mining royalty agency Franco-Nevada Corp. and German gear producer Liebherr-Worldwide AG have additionally each mentioned they’re pursuing separate arbitration claims associated to Cobre Panama’s closure.
(By Jacob Lorinc and Valentine Hilaire)