The uncertainty of the Panamanian court ruling caused the share price of the first quantum to fall.

SMM, Sept. 26: Canadian mining company first Quantum (First Quantum Minerals Ltd.) shares fell to a one-week low after a ruling by the Panamanian Supreme Court created uncertainty about a large copper mine being developed in Central American countries. Panamanian local media reported that the court ruled Monday that decree No. 9, which approved the mining concession contract between Panama and Minera Petaquilla in February 1997, was unconstitutional.

Trading in corporate bonds also soared after the news. "the Supreme Court's decision affects only the enactment of Law 9, not the mining concession contract itself, which is still valid and therefore allows the continued development of the Cobre Panama project," first Quantum said in a statement on Tuesday.

First Quantum said it was awaiting a court decision and was "working with the parties concerned to determine appropriate legal remedies". "although all parties concerned are studying the ruling, there is still uncertainty about the company's mining operations," Goldman Sachs analyst Eugene King said in a note to clients.

La Prensa, one of Panama's leading newspapers, reported that the court noted in its decision that the contract did not follow the correct legal procedures and therefore violated the Constitution.

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