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    First Quantum Minerals Updates on Panama Situation

    ByByron Bekker

    Nov 10, 2023
    First Quantum Minerals Updates on Panama Situation

    First Quantum Minerals Ltd. has provided an update on the latest developments in Panama. The Panamanian government, led by President Laurentino Cortizo, has announced its intention to hold a popular consultation on December 17 regarding Law 406. This law pertains to the revised contract for the Cobre Panama mine, which is operated by the Company’s Panamanian subsidiary, Minera Panama S.A. (MPSA).

    First Quantum Minerals has reached out to the government to gain a better understanding of the details surrounding the popular consultation. The Electoral Commission of Panama has also commented on the legal and logistical considerations associated with the consultation. The government plans to introduce a bill to parliament regarding the consultation process in the near future.

    It is worth noting that two challenges have been brought against Law 406, with the Supreme Court of Justice admitting both cases for review.

    Despite these recent developments, First Quantum Minerals reaffirms its commitment to Panama and its people. The Company has always been an advocate for the rule of law and aims to benefit the country, its citizens, and its stakeholders.

    As the largest private investment in Panama’s history, the Cobre Panama mine significantly contributes to the country’s economy. It currently accounts for almost 5 percent of Panama’s Gross Domestic Product and represents 75 percent of the country’s export of goods. The mine has created approximately 40,000 jobs, directly and indirectly, supporting over 100,000 Panamanians and their families.

    First Quantum Minerals remains dedicated to operating in an environmentally responsible manner. The Company fulfills its environmental compliance obligations and supports Panama’s biodiversity through reforestation, species conservation, and protected areas plans. The protected areas and national parks backed by First Quantum Minerals represent more than 30 times the size of the mine.

    The Company stresses its continued focus on the safety and well-being of its more than 8,000 employees who work at the Cobre Panama mine.

    For more information, please visit the First Quantum Minerals website at [www.first-quantum.com](www.first-quantum.com) or contact Bonita To, Director of Investor Relations, at (416) 361-6400 or toll-free at 1 (888) 688-6577.