A Canadian-headquartered mining company is seeking at least
The CEO of
But
"We have provided a minimum value we saw in those proceedings of
"But in reality, with damages and interest, it could be very much higher."
First Quantum suspended production at its open-pit Cobre Panamá mine at the end of November after
The mine had been the focus of ongoing blockades and widespread protest by nationalists and environmentalists concerned about its impact in a delicate jungle ecosystem.
The shutdown has had a devastating effect on First Quantum, which has said that it could take up to a decade for the company to implement the inspections, planning and environmental stability measures required by the country's government.
In the meantime, the company has said it will cost between
In the fourth quarter, the blockade around the mine impacted First Quantum's ability to ship approximately 121,000 tonnes of copper concentrate, which had been produced prior to the Supreme Court ruling. As a result, the company's revenue declined 40 per cent in the quarter to
But Pascall said the company is confident in a number of initiatives it has undertaken to bolster its finances and protect against this risk, including the signing of a
"We have a long relationship with our lending banks, and there's a high degree of alignment among parties, and we expect to provide updates to the market in short order," he said.
This report by The Canadian Press was first published
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