PANAMA CITY – The Panamanian government has approved a maintenance and environmental safety plan for the Cobre Panama copper mine, operated by First Quantum Minerals. However, officials made it clear that this does not signal a reopening of the mine.
Trade and Industry Minister Julio Molto announced on Friday that the approved plan is strictly for ensuring the mine’s environmental stability and upkeep following its abrupt closure in late 2023 by the previous administration.
“This is not a reopening of operations,” Molto stressed at a press conference. “We are authorizing a plan focused on environmental care and safe management only.”
The plan, to be executed by First Quantum, outlines protocols to preserve the site and prevent environmental degradation. It does not permit the resumption of mining activities. While Molto did not provide specific details about the plan’s cost or timeline, he mentioned that it could take anywhere from three to six months, depending on technical and environmental requirements.
Oversight of the plan will be conducted in collaboration with the Ministry of Environment. A key part of the effort will involve the safe extraction and export of copper that remains stockpiled at the site.
“There will be close supervision to ensure the material is removed and handled appropriately for future export,” Molto said.
In March, Canada-based First Quantum announced it would pause arbitration proceedings over the mine’s closure, choosing instead to reengage with the Panamanian government to discuss the mine’s long-term future.
The shutdown of the Cobre Panama mine—which previously supplied about 1% of the world’s copper—has had a major economic impact on both Panama and First Quantum’s financial position.
