Copper Stockpile at Panama’s Closed Cobre Mine Deemed Safe for Now
Over 100,000 metric tons of copper concentrate remain stored at First Quantum Minerals’ Cobre Panama mine, which has been closed since November following a Panamanian Supreme Court ruling that invalidated the company’s contract.
Panamanian President Jose Raul Mulino assured on Thursday that the stockpile currently poses no environmental risk.
Cobre Panama, a major global source of copper, was shut down after environmental protests led to the court’s decision. Since then, global commodity markets have closely monitored Panama’s stance on the fate of the 130,000 tons of copper concentrate left behind.
President Mulino said environmental authorities recently inspected the site and determined the copper concentrate to be environmentally safe for the time being.
“I asked Minister (Juan Carlos) Navarro to conduct that investigation, and he says there is no environmental threat right now,” Mulino stated during his weekly press conference.
The Panamanian government is expected to decide in January whether First Quantum’s proposed maintenance plan for the mine will proceed.
In April, First Quantum warned that prolonged storage of the concentrate posed risks, including chemical reactions producing hazardous gases and elevated temperatures.
The company called for the immediate removal of the copper to prevent health, safety, and environmental threats. However, First Quantum has yet to comment on the current situation.
President Mulino noted that any removal plan must address compensation for the copper, as well as the ongoing protest by local fishermen blocking access to the mine’s pier.
“If it has to be taken out, it has to be taken out, but there also has to be payment to us, Panama, because it is our material extracted under a concession that no longer exists,” Mulino emphasized.
Before its closure, Cobre Panama accounted for nearly 40% of First Quantum’s revenue and contributed almost 5% of Panama’s GDP.
The mine’s future remains a contentious issue, with Panamanians divided over its potential reopening. The government continues to review the matter, seeking a resolution that addresses environmental, financial, and community concerns.
SOURCE:mining.com
