Top Panama court rules First Quantum mining contract unconstitutional By Reuters

<p> <br />
</p>
<div>
<div>
<img decoding="async" alt="Top Panama court rules First Quantum mining contract unconstitutional" id="carouselImage" src="https://i-invdn-com.investing.com/trkd-images/LYNXMPEJAR0GP_L.jpg" style="visibility:hidden" /><br />
<span>© Reuters. FILE PHOTO: View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo</span><br />
<i class="imgGrad"/>
</div>
<p>PANAMA CITY (Reuters) -Canadian miner First Quantum (NASDAQ:)&#8217;s contract to operate a lucrative mine in Panama is unconstitutional, Panama&#8217;s Supreme Court declared on Tuesday following weeks of protests against the deal.</p>
<p>Challenges against the company&#8217;s new contract, which was approved on Oct. 20, piled up in court amid public anger over the deal, which opponents regard as too generous.</p>
<p>&#8220;We have decided to unanimously declare unconstitutional the entire law 406 of October 20, 2023,&#8221; said Supreme Court President Maria Eugenia Lopez.</p>
<p>The contested contract gave First Quantum a 20-year mining right with an option to extend for another 20 years, in return for $375 million in annual revenue to Panama.</p>
<p>The company did not immediately reply to a request for comment.</p>
<p>Demonstrators have argued the contract terms are too generous to First Quantum and allege corrupt practices in its approval. The company denies this.</p>
<p>In response to the protests, Panama&#8217;s government enacted a bill in November banning all new mining concessions and extensions.</p>
</div>
<p><br />
<br /><a href="https://www.investing.com/news/stock-market-news/top-panama-court-rules-first-quantum-mining-contract-unconstitutional-3244715">Source link </a></p><p>The post <a href="https://forextraderhub.com/top-panama-court-rules-first-quantum-mining-contract-unconstitutional-by-reuters.html">Top Panama court rules First Quantum mining contract unconstitutional By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>