Panama to Release Final Audit of FQM’s Cobre Panama Mine as Protests Intensify
Panama Prepares Final Audit on Cobre Panama Mine Amid Renewed Protests and Political Tensions
Panama is set to publish the final audit of First Quantum Minerals’ (TSX: FM) suspended Cobre Panama copper mine on Friday, as anti-mining protests resurface and expectations build over the government’s next decision on the operation’s future.
Environment Minister Juan Carlos Navarro confirmed that the third-party audit will be released publicly “with full transparency” once finalized, according to local media outlet La Estrella de Panamá.
The audit has now entered its final stage of technical review and verification following six preliminary reports.
Commerce and Industries Minister Julio Moltó said President José Raúl Mulino will ultimately decide the mine’s fate after reviewing the findings.
“The report will be extensive and will require thorough analysis,” Navarro said. “It will be made public so that everyone can study it.”
The audit is seen as pivotal for the future of one of the world’s largest copper mines. In late 2023, Panama’s Supreme Court ruled First Quantum’s concession unconstitutional, leading to an indefinite suspension of operations.
Since then, the Mulino administration has indicated potential openness to restarting mining activity due to its economic importance, while environmental groups and civil society organizations continue to oppose any reopening.
Renewed Protests
Tensions have resurfaced in Panama City, where dozens of demonstrators marched last Friday against a possible restart of mining operations, according to Prensa Latina.
The protests were organized by groups including Sal de las Redes and Movimiento Independiente Voluntad.
Protesters criticized the government’s handling of the issue and called for the mine to remain closed, urging President Mulino to respect public opposition.
The demonstrations echo the widespread unrest of late 2023, which ultimately led to the closure of Cobre Panama.
Prior to its suspension, the mine was among the world’s largest copper operations, producing around 350,000 tonnes in 2022 and accounting for roughly 5% of Panama’s GDP.
First Quantum has stated that the shutdown has cost Panama an estimated $3.5 billion in lost economic activity over the past two years.
Commerce Minister Moltó added that the government has already approved a site management plan to ensure environmental protection and the safe removal of hazardous materials in coordination with the environment ministry.
Meanwhile, unverified social media posts claiming to reference preliminary audit findings have circulated online, alleging environmental damage and disproportionate economic benefits to the company.
Authorities have dismissed these claims, stressing that only the final official report will determine the mine’s compliance and future.
