Panama moves to unlock copper from First Quantum mine
Mining.com • • business
Key Points:
- Panama is set to authorize First Quantum to remove and process stockpiled ore at the shuttered Cobre Panama copper mine, with a resolution expected by Tuesday to enable export of previously mined material.
- The stockpile consists of roughly 38 million tonnes of ore, expected to yield about 70,000 tonnes of copper, with processing potentially starting three months after approval and lasting about a year.
- This initiative could create approximately 700 new direct jobs in addition to the current 1,600 workers, along with indirect employment in logistics and services, while helping offset preservation costs in 2026.
- The project aims to mitigate environmental risks from long-term ore storage and supports tailings management, building on prior efforts that have generated nearly $30 million in royalties for public infrastructure.
- Cobre Panama, which contributed significantly to Panama’s GDP and global copper supply before its 2023 closure, produced 350,000 tonnes of copper in 2022, with a government decision on the mine’s long-term future expected by June.
