Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
First Quantum Minerals is looking forward to talks with the new administration in Panama and to work together to find a resolution to its disputed Cobre Panama mine, the Canadian miner said on Monday.
Panama on Sunday elected Jose Raul Mulino as its new president.
The outcome is seen by analysts as a positive development for the future of Cobre Panama mine which the outgoing administration ordered closed last year after public protests over environmental damage from mining in the country.
“We look forward to a dialogue with the new administration and to working together once it takes office to find a resolution that is in the best interests of Panama,” a First Quantum spokesperson said in an emailed statement.
Shares of First Quantum rose by 2.2% on the Toronto Stock Exchange on Monday morning, but they are still down about 50% from a 52-week high.
(By Divya Rajagopal; Editing by Sriraj Kalluvila and Emelia Sithole-Matarise)
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