First Quantum Minerals Approves $20M Monthly Maintenance Plan for Idle Cobre Panama Mine

Published: Jun 4, 2025 19:42

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According to SMM, under a recently approved maintenance plan, First Quantum Minerals will spend approximately US$20 million per month to maintain its idle Cobre Panama copper mine. Roderick Gutierrez, President of the Panamanian Chamber of Mines, stated that the costs would be covered by selling copper concentrates stored at the mine site. The company currently holds 121,000 mt of concentrates, although some have deteriorated after nearly two years of idleness. In an interview with local media, Gutierrez pointed out that reprocessing these degraded materials may not be economically feasible. The mine's maintenance plan incorporates the latest environmental and legal regulations and is expected to take six to twelve months to implement, with the exact timeline depending on the condition of the equipment. Supervision will be the responsibility of ten government departments, including the Ministry of Environment of Panama.

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