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Panama panel recommends orderly closure plan for First Quantum copper mine
A three-minister commission proposes talks to let Cobre Panama restart, using revenue from renewed operations to fund a controlled shutdown without adding costs to the state.
Panama’s government commission has recommended that President José Raúl Mulino order the final, orderly closure of First Quantum Minerals’ Cobre Panama copper mine, moving away from expectations that officials would pursue a full restart. Mining.com reports the panel also urged exploring a new arrangement with First Quantum that would allow the mine to resume while setting a path toward eventual closure.
The recommendation comes after a review of an audit conducted by independent Swiss consultants, along with assessments of the mine’s economic, environmental, and legal implications. The commission said its guidance is not the final decision, which rests with the president.
The proposal is intended to generate revenue from renewed operations to help finance a controlled shutdown, rather than leaving Panama responsible for the costs. The Cobre Panama mine previously produced about 1.5% of global copper before mining stopped in 2023, and it was described as one of Panama’s largest private investments.
Any agreement would also need to address how to prevent an extension of the mine’s operation, the report says, after reviewing the economic and legal constraints tied to the site.
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