(Toronto) Toronto-based First Quantum Minerals says it has entered arbitration to protect its rights to its Cobre Panama mine, which has been the subject of environmental protests.
The Canadian mining company says its subsidiary Minera Panamá SA has filed a lawsuit with the International Court of Arbitration to protect its rights under a concession agreement reached with the Panamanian government earlier this year.
First Quantum suspended operations at its Cobre Panama mine in Colón province earlier this week after Panama’s Supreme Court ruled unanimously on Tuesday that the 20-year concession agreement for the copper mine was unconstitutional.
The company says it is demanding further details about the closure and its impact.
The mine was temporarily closed last year when negotiations between the company and the government over payments demanded by the government failed, but the two sides reached an agreement in March.
The deal, which was finally approved on October 20, was the subject of numerous protests, including a blockade by small boats that prevented shipments from the mine.
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