Could you please comment on this mornings stock reaction to events in Panama- would this be a buying opportunity?
Thank you
FM signed a new 20-year contract with the government this month, but this sparked a fury of protests. Now, holding a referendum is seen as an appeasement to protestors. Now, there is just more uncertainty. Citizens do not like the terms of the contract, and want to protect Panama's mineral interests. Buying the stock today is essentially a bet on which way voters will go in the referendum. While FM has other assets, themine is one of the best and largest in the world, and FM's biggest asset. We do not like these scenarios, and would not buy into this right now.