Exclusive-First Quantum Minerals offers voluntary retirement to Cobre Panama workers, sources say

By Divya Rajagopal and Elida Moreno

TORONTO (Reuters) - Canadian miner First Quantum Minerals (OTC:FQVLF ) has opened a voluntary retirement (VR) scheme to workers at the Cobre Panama mine, two sources familiar with the matter told Reuters, as the company waits for a government decision on re-opening the facility.

The mine, one of the world's top sources of copper , was shut down in November, hours after Panama's Supreme Court declared its contract unconstitutional. The decision to close down the mine was also triggered by environmental protests against the mine.

First Quantum (NASDAQ:QMCO ) has asked its employees in Cobre Panama to choose between taking the VR offer that would come into effect from January 2025 or work with reduced hours, the sources said.

Employees are expected to make a decision by the end of September, they added.



Michael Camacho, the union leader for Panama Mining Workers Union (UTRAMIPA) told Reuters they are in the process of voluntary retirement where a small number of workers have taken up the offer.

First Quantum did not comment.

Source: Investing.com