The company's stock fell as much as 11% after a decision to re-asses the extension of the gold and silver mine environmental impact authorization.

Global smelting activity for 2022 fell to its lowest level in six years.

The bill now passes to a Treasury commission, where it will again be reviewed and need approval before it goes to a final vote.

President Laurentino Cortizo said on Monday the government has presented a final contract to regulate operations.

First Quantum had notified the country about two arbitration proceedings days after the order to halt operations.

The drop in copper output was partly due to lower ore grades and operational problems affecting major companies in the sector. 

Timothy Foden, partner in international arbitration group at law firm Boies Schiller Flexner looks forward at legal challenges facing the mining industry.