First Quantum Takes Small Step on Long Road to Restart Its Copper Mine in Panama

On June 19 (Thursday), First Quantum, a Canadian mining company, showed some encouraging signs regarding the restart of its copper mine in Panama, despite warnings from the country's president that there was still a long way to go before a restart agreement could be reached.

The company has begun preparing to ship out 120,000 mt of semi-processed copper that has been stranded at the mine since its closure in late 2023.

Following the mine's closure, the company had to pay US$20 million per month for the mine's maintenance.

Franco Nevada Corp, which has a metal supply agreement with the mine, agreed to halt arbitration proceedings against Panama, marking another small step forward as abandoning such actions is a prerequisite for negotiations with the government.

Panamanian President Jose Raul Mulino stated on Thursday that negotiations on restarting the copper mine could now begin.

Local miners, suppliers, other trade unions, and some members of the local community are also pushing for the mine to resume production.

The copper mine, valued at approximately US$10 billion, once accounted for 1% of the world's total copper production.