Live news: Hudson's Bay owner sells $340 million in real estate
First Quantum Ltd.’s copper mine in Panama is winding down operations as a blockade of small boats at a port restricts key supplies such as coal for energy, a union leader said.
Workers continued to leave the site early Thursday, Michael Camacho from the Utramipa union said in text messages. He urged the government and police to intervene in the port blockade in order to get back to work.
“We are worried as a union because the authorities do not say anything,” Camacho said.
First Quantum, which didn’t immediately provide a comment, had warned it would be forced to shut the mine if the blockade continued to prevent the delivery of supplies. Operations started slowing last week.
The Canadian firm has found itself at the centre of a political storm in Panama, with the future of its massive Cobre Panama mine called into question after widespread protests erupted last month over a deal to renew an operating contract. President Laurentino Cortizo announced a referendum on the mine, although the vote has been shelved as the government waits for a Supreme Court ruling over whether to revoke the mine’s contract.
The company that owns Hudson’s Bay says it completed real estate transactions in Canada and the United States resulting in a gain of around US$340 million.
HBC LP, which also owns Saks Fifth Avenue and Saks Off 5th, says in a statement that it’s the owner and developer of a North American real-estate portfolio totalling approximately US$7 billion.
The historic retailer announced layoffs twice this year as it said the retail sector is navigating significant pressures.
In 2018, when the company was still publicly traded, investors challenged it to sell some of its substantial real estate holdings.
In recent years, the
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