Panama Congress Committee Votes in Favor of Mine Referendum

(Bloomberg) -- Panama’s proposal to hold a referendum on the controversial contract with Canadian miner First Quantum Minerals Ltd. was approved by a legislative committee Tuesday, clearing the first hurdle as the bill is fast tracked in congress.

Most Read from Bloomberg

• Immigrants Are Leaving Canada at Faster Pace, Study Shows

• Israel Latest: Biden Urges ‘Pause’ So Hostages Can Leave Gaza

• Real Estate Industry Takes Fresh Hit With Verdict on Commissions

• Fed Signals Yield Rise Reduces Need to Hike, But Door Still Open

• Markets Rally as Powell Says Fed Has ‘Come Far’: Markets Wrap

The bill will be sent to the plenary for general debate, where it will require a majority vote in two separate sessions for definitive approval in the 71-member legislature.

Read more: Panama’s Investor-Friendly Image at Risk From Anti-Mining Rage

Congress convened special sessions for Wednesday and Thursday ahead of a public holiday in Panama on Friday.

Most Read from Bloomberg Businessweek

• World’s Safest Market Becomes a Magnet for Big Investors

• Why Fewer Senior Executives Are Taking the Corporate Jet

• Web Summit Israel Mess Is No Surprise to Those Who Know Its Founder

• Brace for Elections: 40 Countries Are Voting in 2024

• How Drug Cartels Transformed Ecuador Into a ‘Narco State’

©2023 Bloomberg L.P.