First Quantum Minerals Addresses Supreme Court Ruling in Panama in Respect of Law 9 of 1997
TORONTO, Sept. 25, 2018 /CNW/ - First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM") today addressed the announcement of a Supreme Court ruling in connection to the constitutionality of Law 9 of 1997.
Minera Panama, a subsidiary of the Company, understands that the Supreme Court ruling only affects the enactment of Law 9, and does not affect the mining concession contract itself, which remains in effect, and therefore allows continuity of development of the Cobre Panama project.
Minera Panama is in the process of formally obtaining and examining the ruling and its applicability and is working with the appropriate parties to identify suitable legal remedies. Such remedies would need to be analyzed by the Supreme Court.
The Cobre Panama project employs over 12,600 people of which approximately 1,500 are from the nearby villages and towns. The project is the largest single private sector investment in Panama's history.
Further updates will be provided as warranted.
On Behalf of the Board of Directors of First Quantum Minerals Ltd.
G. Clive Newall