"First Quantum seeks damages for copper trapped at Panama mine", 27 August 2024

...First Quantum Minerals Ltd. is seeking compensation from Panama for a stockpile of semi-processed copper ore stranded at the company’s flagship mine as part of wider arbitration over the shuttered operations.

The material, worth between $225 million and $340 million at current copper prices, has sat idle for months at the giant mine while the Panamanian government determines whether the metal was mined before or after Cobre Panama was ordered to close last year. The Canadian mining company has warned that the matter must be resolved urgently since the stockpile can degrade in value and poses an environmental risk when left idle.

First Quantum argues that Panama must either let the 120,000 metric tons of the material leave the site or compensate the company based on the metal’s market value, according to people familiar with the matter...

Panama’s Commerce and Industry Ministry didn’t immediately provide a response to requests for comment. First Quantum declined to comment...