Panama’s electoral court said it can’t organize a referendum over a flagship copper mine owned by First Quantum Minerals, as requested by President Laurentino Cortizo on Sunday, because it requires congress to pass a law to order such measure.
“At this moment, there are no conditions to organize the intended popular consultation,” the electoral authority said in a statement Monday, also citing logistics and other legal reasons that prevent the organisation of a referendum.
The authority highlighted that preparing the referendum would imply an additional effort to organizing the May 5 general election, when the country will elect its president and legislators.
First Quantum shares plunged the most in 26 years after Cortizo said on Sunday that a national vote on the mine will be held December 17 in an effort to quell mass civil unrest over the project.