First Quantum Minerals Ltd (IZ1.SG)

Exclusive-FQM to launch formal arbitration versus Panama in July

TORONTO/PANAMA CITY (Reuters) -Canadian miner First Quantum Minerals will launch formal arbitration proceedings against Panama in July over the country's decision to close the giant Cobre Panama mine in November, two people familiar with the matter told Reuters. The move coincides with the start of a new administration in the Central American country that could determine the future of one of the world's newest and biggest copper mines that had been responsible for 1% of global output prior to being shuttered. Shares of First Quantum closed down 8% at C$17.86 on the Toronto Stock Exchange on Friday.