Panama's Supreme Court Declares First Quantum's Mining Contract Unconstitutional

The ruling, following weeks of protests, puts the Canadian company's copper mine on a path towards international arbitration.

Panama's Supreme Court has declared the contract of Canadian mining company First Quantum to operate a copper mine in the country as unconstitutional, following weeks of protests against the deal.
The ruling puts First Quantum's Panama mine on a long path of uncertainty that includes international arbitration.
The decision has significant implications for the copper market, as the mine accounts for about 1% of global copper production.
The contract dispute has become a major factor in Panama's upcoming May 2024 presidential election, with candidates advocating for more state control of the mine.
First Quantum has filed a notification of intent to start arbitration proceedings against Panama.