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Bond Market News
First Quantum’s Dollar Bonds Plummet
October 31, 2023
Canadian miner First Quantum’s dollar bonds dropped by 5-9 points across the curve after Panama President Laurentino Cortizo said that a referendum would be held to decide whether to scrap its contract with the company. First Quantum was set to open a new open pit copper mine project after a contract agreement with the government. The contract would guarantee Panama $375mn in annual income while allowing First Quantum’s local unit to operate the project for at least 20 years. After several days of protests by people opposed to project due to the nature of the deal and environmental costs, the President agreed to have a referendum vote on December 17.
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