PANAMA CITY — Canada’s First Quantum Minerals Ltd. revealed Friday it hasactually askedfor arbitration procedures to battle a Panamanian choice to stop a significant open-pit copper mine concession in Panama or acquire damages.
First Quantum stated one arbitration was askedfor under the Canada-Panama Free Trade Agreement. It has likewise began procedures before the International Court of Arbitration, which would fulfill in Miami, Florida, the business stated in a declaration.
In a historical judgment on Tuesday, Panama’s Supreme Court stated that legislation giving the mine a 20-year concession was unconstitutional. That choice was commemorated by thousands of Panamanians activists who had argued the task would damage a forested seaside location and threaten water materials.
First Quantum stated it askedfor arbitration from the global panel on Wednesday and that it had started procedures under the totallyfree trade contract even inthepast the court judgment. It did not state what solution or damages it was lookingfor, however did state it was open to talks.
First Quantum’s subsidiary, Cobre Panama, “reiterates that openness and compliance w