Cobre Panama Mine to Remain Shut as Govt Backs Safety Plan Only
PANAMA CITY – The Panamanian government has approved a maintenance and environmental management plan for First Quantum Minerals’ shuttered Cobre Panama copper mine, but emphasized that the mine will not be reopened at this time, Trade and Industry Minister Julio Molto announced on Friday.
Molto clarified that the approved plan focuses solely on care and environmental safety measures required following the mine’s abrupt closure by government order in late 2023, under the previous administration.
“The mine is not being reopened. We’re authorizing the implementation of a care and safe management plan to ensure environmental protection,” Molto stated during a press conference.
The plan, to be carried out by First Quantum, does not include provisions for resuming mining operations. Molto did not disclose the estimated cost or duration of the plan but indicated that experts anticipate it could take between three to six months, depending on the environmental protocols required.
Government officials, in coordination with the Environment Ministry, will oversee the process. One of the key objectives will be to ensure that stockpiled copper can be safely extracted and eventually exported.
“Supervision will be carried out to ensure that this material can be extracted and processed in the best possible way so that it can then be exported,” Molto said.
In March, Canadian-based First Quantum announced it would suspend arbitration proceedings related to the mine, aiming instead to resume dialogue with the Panamanian government regarding the site’s long-term future.
The closure of the Cobre Panama mine, which once accounted for approximately 1% of global copper production, has significantly affected both Panama’s economy and First Quantum’s financial outlook.
SOURCE:miningweekly.com
