First Quantum Accelerates Cobre Panama Restart Preparations with Stockpile Processing and Workforce Expansion

Published: Jul 30, 2026 09:34

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First Quantum Minerals is accelerating preparations to restart the Cobre Panama copper mine by commencing stockpile processing ahead of schedule and expanding its workforce by approximately 1,000 employees. The company said formal negotiations with the Panamanian government over the mine's future are drawing closer. The first of three milling circuits began operating in May, processing approximately 2.1 million tonnes of stockpiled ore during the second quarter and producing 3,216 tonnes of copper concentrate. The mine currently holds an estimated 38 million tonnes of stockpiled ore containing around 70,000 tonnes of recoverable copper, sufficient to support roughly 12 months of processing at current rates. First Quantum maintained its 2026 production guidance of 30,000–40,000 tonnes of copper from stockpile processing. The site's workforce increased from approximately 2,350 employees in early April to around 3,000 by the end of June to support commissioning, maintenance and operational readiness. Meanwhile, Panama continues to evaluate several partnership structures for reopening the mine, while First Quantum has suspended its US$20 billion arbitration claim as discussions with the government continue.

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