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Protests hamper First Quantum’s Panama mine again

Operations at First Quantum Minerals’ (TSX: FM) Cobre Panama mine have again begun the process of winding down. The process impacts the mines ore processing operations, and is a result of an illegal blockade at the mine’s port by small boats.

The wind-down has impacted one ore processing train, with two remaining operational at this time. The reduction of operations was necessary following the blockade impacting the delivery of supplies for the on-site power generating plant, as well as the loading of copper concentrate onto ships.

The reduction is expected to impact 7,000 employees and contractors, as well as 40,000 persons whom provide services to the mine, which amounts to over 2% of the workforce in Panama. The company also said it will need to reduce its weekly purchases of $20 million in goods, in an attempt to sway public support in its favor in terms of continuing operations.

You can read more on the matter here.

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Unraveling the crisis in Canada's junior markets

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FULL DISCLOSURE: ATHA Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of ATHA Energy. The author has been compensated to cover ATHA Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.