) was down after Reuters reported it has warned employees it may have to shutter operations in Panama if the government does not allow its copper exports to resume by next week.
In the latest twist, Panama’s maritime authority last month ordered First Quantum to suspend copper concentrate loading operations at a major port, essentially blocking the company from shipping and selling its copper. Alan Delaney, the mine’s general manager, in a Thursday memo to employees described the suspension as an “unprecedented and totally surprising action,” and said the scale was measuring accurately.
Panama’s maritime authority did not immediately reply to a request for comment. It has not commented publicly on the reason for the port suspension. Panama’s trade minister, Federico Alfaro, said on Tuesday that both parties had made “significant progress” on negotiations.The company has, meanwhile, stopped recruiting for 595 open positions in the Central American nation, imposed overtime restrictions, and put in place additional leave provisions, according to the memo.
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