FQM Backs Panama Plan to Process Stockpiled Ore at Cobre Panama Mine
First Quantum Welcomes Panama Move to Allow Stockpile Processing at Cobre Panama Copper Mine
Canadian miner First Quantum Minerals has welcomed a proposal by Panama President José Raúl Mulino to allow the removal and processing of stockpiled ore at the company’s shuttered Cobre Panama copper mine, one of the largest open-pit copper operations in the world.
In a statement issued on Thursday, First Quantum said that processing the existing ore stockpiles would help mitigate environmental and operational risks, particularly those associated with acid rock drainage, while ensuring a steady supply of feed material for the mine’s tailings management facility.
The company said it is awaiting formal regulatory approvals to carry out the proposed activities in coordination with the Government of Panama.
Cobre Panama was suspended in 2023 following widespread protests over tax contributions, environmental concerns, and the mine’s operating contract, leading the government to halt operations.
First Quantum stressed that the proposed processing of stockpiled material does not amount to a reopening of the mine and will not involve any new extraction, drilling, or blasting.
Before its closure, Cobre Panama accounted for approximately one per cent of global copper supply, and its suspension has had a significant impact on both Panama’s economy and First Quantum’s financial performance.
Earlier on Thursday, President Mulino said the government expects to decide on the future of the Cobre Panama mine by June, providing clarity on the long-term direction of the project.
