Panama's Mulino to Announce Decision on Future of Copper Mine

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Written by Amir Richani for IIR News Intelligence (Sugar Land Texas)

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Summary

Panama's President Mulino expects to announce a decision the Cobre Panama copper mine by mid-year. Meanwhile, First Quantum, the mine's operator, has welcomed the government's steps and remains open to negotiations.

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Decision Pending

Panama's President Jose Raul Mulino said during a press conference that he expects to announce a final decision on the Cobre Panama mine by mid-year.

"I expect and trust that the process will be completed by mid-year, and I will make the corresponding announcement to the country," said Mulino.

Additionally, Mulino highlighted that Chile's President-elect Jose Antonio Kast offered him three copper experts to help assess the mine's situation.

In December, the Ministry of Environment said that SGS Panama Control Services, the company conducting the technical audit of the mine, submitted the first report of its assessment.

So far, it remains unclear what the president's announcement on the mine will be; however, the recent steps suggest the government is keeping a door open for dialogue with First Quantum (Vancouver, British Columbia) over the mine's future.

On January 15, First Quantum's Chief Executive Officer Tristan Pascall praised the progress being taken by the government of Panama and remained hopeful of possible discussions.

"At Cobre Panamá, President José Raúl Mulino has announced that the Government of Panamawill approve the removal and processing of stockpiled ore. This marks a positive step forward for ongoing responsible environmental stewardship of the mine in regards to water and tailings management," highlighted Pascall.

"The processing of stockpiles is not a reopening of the mine and we echo the President's call for transparency and engagement. We remain committed to dialogue to achieve an amicable and durable resolution at Cobre Panamá for the country and the Panamanian people," he added.

Cobre Panama's History

The Cobre Panama mine has been at the centre of controversy since November 2023, when Panama's Supreme Court ruled to close the asset. Panamanians also took to the streets to protest against mining activities at the site.

Cobre Panama was one of the world's largest copper mines, producing 350,000 tons of copper in 2022, the year before its shutdown.

The possible restart of the asset would have a significant impact on the market, amid geopolitical tensions and tight copper supply.

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Key Takeaways

President Mulino expects to announce a decision on the Cobre Panama mine by June.

First Quantum remains open for discussions with the government.

Chile's President-elect offered Panama the help of three copper experts to analyze the situation.

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).