Canadian company First Quantum Minerals (FQM) warned on Tuesday that it had been forced suspend “commercial operations” at the controversial Cobre Panama mine as a result of protests that have been taking place in the Central American country since mid-October.

The Canadian mining company’s announcement came on the same day it became known that Panama’s Supreme Court will declare the agreement that extended the FQM concession “unconstitutional” operation of Cobre Panama, the largest open-pit copper mine in Central America.

In a statement, FQM acknowledged the decision and said it would “reconsider” its contents.

At the same time, the Canadian mining company assured that “due to illegal blockades at the port of Punta Rincon and on the roads of the mine, the Cobre Panama mine has suspended commercial production and implements a program to preserve and maintain safety“.

“The safety of Cobre Panama’s employees continues to be a priority for the company,” FQM added.

Meanwhile, on the Toronto Stock Exchange, FQM shares They closed with a loss of 0.78%. at C$12.64 (US$9.31).

Since last October 27, a few days before the Panamanian government announced a referendum on the operation of the Panama Cobra, FQM shares lost C$15.32more than half of its value.

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Since April 1, 2022, when shares hit an all-time high of C$44.42, the Canadian mining company’s share price has fallen 71.5%.

The passage of Law 406, which resumed the operation of Cobre Panama for FQM and which was declared unconstitutional on Tuesday, has caused a serious political crisis in the Central American country. with intense protests resulting in four deaths, blocked roads and caused strikes in various sectors. (EFE)