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.
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