First Quantum Receives Approval for Cobre Panama Preservation Program

First Quantum Minerals Ltd. FQVLF announced that its subsidiary Minera Panamá received approval from the government of Panama for its Preservation and Safe Management  program at the Cobre Panamá mine. The approval will enable First Quantum to proceed with integral preservation and safe management activities at the mine, and other associated environmental measures.This program will be funded through the export of 121,000 dry metric tons of copper concentrate stockpiled at the site. This development allows First Quantum to move forward with its commitment to sustainability and responsible resource management at Cobre Panamá.On March 31, 2025, the company announced that it agreed to discontinue one of its arbitration proceedings and suspend the other related to the Cobre Panamá mine. This marks a significant development in First Quantum’s ongoing efforts to resolve outstanding issues related to the Cobre Panamá mine, which has been shut since December 2023.The company pulled back its arbitration proceedings before the International Chamber of Commerce's International Court of Arbitration, which was initiated in November 2023. First Quantum also announced that it would suspend its notice of intent of arbitration under the Canada-Panama Free Trade Agreement.Details on FQVLF’s Cobre Panamá Mine SuspensionIn November 2023, the company announced that the Supreme Court  struck down its contract to operate at the Cobre Panama mine. Panama's Supreme Court of Justice  ruled that Law 406 is unconstitutional.The company halted operations at its Cobre Panama mine due to a blockade of small boats at the Punta Rincon port on Nov. 20, 2023, which hampered the delivery of essential supplies. It is implementing a Preservation and Safe Maintenance program to safeguard the mine's compliance and environmental integrity, asset preservation and safe maintenance.In December 2023, the company received orders from Panama's trade and industry ministry to end operations at its Cobre Panama, per reports. The ministry formally advised the company to halt all activities related to the extraction, processing, refining, transportation, export and sales at the mine.Cobre Panama accounted for roughly 40% of FQVLF's revenues and 1.5% of the world’s copper supply in 2022.First Quantum Stock Price PerformanceThe company’s shares have gained 16.8% in the past year against the industry’s decline of 26.2%.  Image Source: Zacks Investment Research FQVLF’s Zacks Rank & Stocks to ConsiderFirst Quantum currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, Royal Gold, Inc. RGLD and SSR Mining Inc. SSRM. Carpenter Technology and Royal Gold currently sport a Zacks Rank #1 (Strong Buy), and SSR Mining carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Carpenter Technology has an average trailing four-quarter earnings surprise of 11.1%. The Zacks Consensus Estimate for CRS’ 2025 earnings is pegged at $7.20 per share, which indicates year-over-year growth of 51.9%. Carpenter Technology shares have surged 111% in the last year.Royal Gold has an average trailing four-quarter earnings surprise of 9.1%. The Zacks Consensus Estimate for Royal Gold’s 2025 earnings is pegged at $7.11 per share, indicating year-over-year growth of 35.1%. RGLD  shares have jumped 40.2% in the last year.SSR Mining has an average trailing four-quarter earnings surprise of 58.8%. The Zacks Consensus Estimate for SSRM’s 2025 earnings is pegged at $1.14 per share, implying a year-over-year upsurge of 307%. SSR Mining stock has soared 88.6% in the last year.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Carpenter Technology Corporation (CRS): Free Stock Analysis Report Royal Gold, Inc. (RGLD): Free Stock Analysis Report First Quantum Minerals Ltd. (FQVLF): Free Stock Analysis Report Silver Standard Resources Inc. (SSRM): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks