FQM Adds 1,000 Jobs as Cobre Panamá Restart Gains Momentum

First Quantum Adds 1,000 Jobs as Cobre Panamá Copper Mine Restart Nears

First Quantum Minerals is stepping up preparations for a potential restart of its Cobre Panamá copper mine, adding about 1,000 jobs as activity at the site gathers pace.

The Canadian miner has accelerated stockpile processing and expanded its workforce as it works towards resuming broader operations at the major copper complex, which has remained largely inactive since Panama ordered its closure in 2023.

The new recruitment forms part of First Quantum’s preparations for processing copper ore already mined and stored at the site.

At the end of the second quarter, direct employment at Cobre Panamá had reached approximately 3,000 people.

More than half of those recruited through the company’s “Suma tu Talento” initiative are from communities within the mine’s area of influence, while women account for 17% of the new workforce.

Panama has authorised First Quantum to process and export copper from existing stockpiles, although the approval does not constitute permission to resume new mining activities.

The company has said the stockpile contains significant recoverable copper that can be processed while discussions over the mine’s longer-term future continue.

The restart preparations mark a significant development for First Quantum, which has been engaged with the Panamanian government over the future of Cobre Panamá since the mine was shut down following widespread protests and a Supreme Court ruling that declared its mining contract unconstitutional.

The company has continued maintaining the site while pursuing a resolution with the government.

A government-appointed ministerial commission is reviewing the mine’s future, although no definitive timetable has been established for a decision on whether full-scale mining can resume.

Cobre Panamá was one of First Quantum’s most important operations before its closure, making the mine’s potential return strategically significant for the company’s production outlook.

The operation also has major implications for Panama’s economy. The mine previously supported thousands of direct and indirect jobs and generated significant economic activity through local suppliers and service providers.

First Quantum’s latest hiring drive suggests preparations are moving beyond preservation towards a more active phase, although the company still requires a broader resolution with Panama before full mining operations can restart.

The potential reopening of Cobre Panamá remains closely watched by the global copper market, given the mine’s scale and the importance of additional supply as demand for copper continues to rise.

For First Quantum, a successful restart would restore a major production asset and strengthen its long-term copper portfolio.

For Panama, the decision involves balancing the mine’s economic contribution with environmental, legal and social concerns that led to its closure.

The latest developments indicate growing momentum around Cobre Panamá, but the mine’s full reopening remains dependent on government decisions and the outcome of ongoing discussions.