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Incoming Panama government to review First Quantum's contract for Cobre Panama

The incoming government of Panamanian President-elect Laurentino Cortizo will review First Quantum Minerals Ltd.'s mining contract for its Cobre Panama copper mine amid uncertainty over its validity, Reuters reported.

The government said in 2018 that the contract remained in force, although that could change when Cortizo assumes office July 1.

While the incoming administration recognizes the value of a signed contract, "the company has to respect that we have the right as Panamanians to review clause by clause," Cortizo said.

First Quantum did not provide a comment.

In 2018, a Supreme Court decision in Panama declared unconstitutional a 1997 law related to the granting of mining concessions at Cobre Panama, placing the project into legal limbo and rattling investors.