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Lawmakers on Thursday passed a revised bill that blocks all future mining concessions including exploration, extraction and transportation of minerals as well as contract renewals in the Central American country.
Shares jumped more than 12% to C$17.64 in early morning in Toronto and were changing hands at C$17.13 in the afternoon. It means the stock has recovered half the value it had a week ago and the loss for the week is down to 27% versus “However, like many businesses across Panama, protests, including blockades of key roads, have caused disruptions on site as well as shortages in certain supplies,” it noted.
“We do not expect that either First Quantum or the government intends to disrupt mining operations , especially into an election when Panama is already facing drought-related disruptions to canal operations,” BMO mining analyst Jackie Przybylowski wrote late Thursday.
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