#365 Miner First Quantum faces rocky road as Panama protesters dig in

Panama's shock decision on Sunday to call a binding vote on whether to scrap the mine's recently struck 20-year contract sparked a sell-off in Vancouver-based First Quantum shares. Investors wiped out about C$8.35 billion ($6 billion), or 48%, from the company's market value this week, registering doubts about First Quantum's ability to operate its crown jewel.

President Laurentino Cortizo's decision to call the referendum followed days of protests by thousands of people over concerns the contract is too favorable to First Quantum, involved corruption, and that the mine is harmful to the environment.

First Quantum on Tuesday reaffirmed its commitment to the rule of law with the objective of benefiting Panama. First Quantum and its local unit Minera Panama declined to comment further.

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