Panama Delays Decision on the Fate of the Cobre Panama Copper Mine

According to Webstock Inc., citing foreign media on February 26, a supplier of the Cobre Panama copper mine stated after meeting with Panamanian President Jose Mulino that the president would only decide on the mine's future after resolving the country's social security policy issues.

Following public protests that led to the mine's closure, Abel Oliveros was one of the suppliers who met with the president this week to seek solutions.

The Cobre Panama copper mine, owned by Canadian miner First Quantum, was once the world's largest and newest copper mine. Since 2023, it has ceased operations due to environmental protests and a court order forcing the government to shut it down.

Although the company has initiated arbitration seeking at least $30 billion in compensation, the government has yet to decide on the mine's future. First Quantum stated that arbitration is a last resort and that it prefers to resolve the dispute and find a way to reopen the mine.

However, before making a decision on the mine, the government must approve a protection and safety management plan, which would allow First Quantum to export 120,000 mt of copper concentrates trapped at the mine.

The release of this copper could impact global copper prices.

When Mulino took office in 2024, he stated that his top priority was to pass the Social Security Reform Bill, and he is expected to make a decision on the mine in Q1 2025.

The reform requires three rounds of debate in the Panamanian parliament, but so far, only one round has been completed.

Oliver said, "The Social Security Fund is something he wants to get rid of, and after resolving this issue, he will address his own concerns." "It is still unclear how they will proceed, but that is what he told us."

On Tuesday, an executive from Cobre Panama stated that the company is prepared to share royalties from copper concentrate sales with the Panamanian government.

Panama will hold a week-long carnival next week, during which most official work will be suspended.

For more updates on the copper industry chain, we warmly invite you to attend the CCI 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo hosted by SMM, to be held grandly in Nanchang, Jiangxi, from April 22-25, 2025.

Over 3,000 industry elites, representatives from upstream and downstream copper industry chain enterprises, government officials, industry associations, third-party equipment and logistics providers, as well as academic and research experts, will gather at the event. The conference will cover the entire copper industry chain, including mining, smelting, copper processing, trade, recycling, and end-use applications.

At the conference, more than 100 exhibitors will showcase the latest copper processing and smelting equipment, premium raw material suppliers, new-type copper-based materials, and other cutting-edge achievements in the copper industry, highlighting innovation and vitality in the sector.

The event will feature a variety of activities: the main forum will focus on global copper market trends, raw material supply, policy analysis, and market outlook. Sub-forums will delve into specific fields such as electrical transmission and distribution, secondary copper, new copper-based materials, hardware and plumbing, and ESS, exploring industry hot topics in depth. During the conference, there will also be a two-day field trip to 12 representative copper industry enterprises with a cumulative capacity of 1 million mt, sharing advanced technologies and valuable experiences to support the upgrading of the copper industry chain and promote high-quality development in the sector.

CCI 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo will help you stay ahead of industry trends, expand your network, and discover business opportunities! SMM cordially invites you to join us in Nanchang, Jiangxi, from April 22-25, 2025, to gather for a new era of copper and explore new development opportunities!