Panama Allows First Quantum to Export Stored Material from Copper Mine

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--First Quantum (Vancouver, British Columbia) now can export its stockpiled copper production from the Cobre Panama mine in Panama.

Panama President Jose Manuel Mulino approved First Quantum to export stockpiled copper from its old Cobre Panama mine, which shut down at the end of 2023 after massive public protests. The decision follows Mulino's meetings with several Panamanian companies that were financially affected by the closure of the asset and who are owed millions, according to Mulino.

The decision would also allow the restart of the mine's power plant and the Punta Rincon port. The port will be used to export the copper stockpiles and receive coal for the power plant's operations, which will generate more electricity for the national grid.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Plant Database can click here to read a Cobre Panama power plant profile.

Mulino, up until now, has not met with First Quantum or its representatives. However, negotiations between the government and the mining company are expected to take place this week, based on the president's statement.

"The mine issue will be addressed with great responsibility and with the national interest to be protected and benefited in mind at all times," Mulino said.

He demanded that the company drop its international arbitrations against Panama for any possible agreement to take place. It remains unknown if these negotiations could lead to the reopening of the copper mine.

"Panama will not accept pressure or imposed conditions that compromise its sovereignty," said the ministry in a statement.

First Quantum's Cobre Panama was one of the world's largest copper-producing mines, with an output of 350,000 tons in 2022, one year prior to its shutdown.

The asset's operations represented 5% of the country's GDP, and its closure has had a negative ripple effect across the economy, with many companies impacted and lost jobs.

The Panamanian population opposed the project for environmental reasons, gathering support and leading to nationwide protests and blockades on First Quantum's assets.

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