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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
First Quantum Minerals Ltd | LSE:0P6E | London | Ordinary Share | CA3359341052 | FIRST QUANTUM MINERALS ORD SHS |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.34 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Copper Ores | 6.46B | -954M | -1.3754 | -14.28 | 13.62B |
MPSA submitted the required proof of the initiation of the certification process by an accredited company on February 3, 2023. This Resolution deviates from the prior process of internationally accepted certifications that MPSA has previously provided to AMP, which have been accepted until now. As a result, MPSA has suspended loading operations while it awaits a response from the AMP.
It will be to the detriment of Panamá, the mine’s employees, suppliers and the broader Panamanian economy if the Government of Panamá (“the Government”) forces MPSA to shut Cobre Panamá, which may become necessary if concentrate is not shipped by mid-February due to limited storage capacity on site.
The Resolution is part of a series of escalating attempts by the Government to pressure the Company into accepting a refreshed concession contract on the Government’s terms.
Recent steps taken by the Panamanian authorities include the following actions, which prejudice good-faith negotiations and are both untimely and unnecessary, in particular given the recent progress that both parties have made towards resolving outstanding issues:
First Quantum and MPSA are prepared to meet, and in part exceed, the objectives that the Government outlined in January 2022 related to revenues, environmental protections and labour standards. This includes a minimum of $375 million per year in government income, comprised of corporate taxes and a profit-based mineral royalty of 12 to 16 percent, with downside protections aligned with the Government’s position.
The Company has also expressed its earnest desire to resolve all outstanding issues and continues to engage with the Government with a view to concluding a reasonable and durable arrangement regarding the long-term future of Cobre Panamá. At the same time, First Quantum and MPSA are doing everything possible to support the workforce, preserve the value and integrity of the mine and defend First Quantum and its stakeholders, including through all available legal means.
For further information, visit our website at www.first-quantum.com or contact:
Bonita To, Director, Investor Relations (416) 361-6400 Toll-free: 1 (888) 688-6577E-Mail: info@fqml.com
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The forward-looking statements in this news release include statements as to effects of the Government’s actions on the ability of MPSA to continue operations at Cobre Panamá and the Company’s readiness to reach an agreement with the Government regarding the long term future of Cobre Panamá. With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions, including as to the effects of the proposal put forward by MPSA. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to, political stability in Panamá, potential social and environmental challenges, and events generally impacting global economic, political and social stability. There may also be other factors that cause actual results, performance, achievements or events not as anticipated, estimated or intended, including the risks, uncertainties and other factors discussed in the Company’s Annual Information Form. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law.
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