FQM Projects $18M Monthly Cost to Maintain Closed Cobre Panama Mine
First Quantum Sees Monthly Maintenance Costs Rise at Panama Copper Mine
Canadian mining company First Quantum Minerals announced on Wednesday that it expects monthly costs related to the upkeep of its closed Cobre Panama copper mine to rise to approximately $17 million to $18 million.
This increase follows Panama’s approval in May of the company’s Preservation and Safe Management (P&SM) plan, which permits First Quantum to export copper concentrate stored at the site and restart the thermoelectric power plant at the mine.
Cobre Panama has been shut since 2023, after widespread environmental protests led to its closure. Prior to the shutdown, the mine contributed about 1% to global copper production, making its closure significant for both Panama’s economy and First Quantum’s operational outlook.
The company began exporting the remaining 120,000 metric tons of copper concentrate in June. The final shipment is expected to leave the site shortly, closing a key chapter in the mine’s paused operations.
During the second quarter of 2025, maintenance costs for the Cobre Panama site averaged around $15 million per month.
The anticipated increase of up to $3 million per month in upcoming quarters reflects expanded preservation activities under the P&SM plan.
First Quantum noted that part of the added cost may be offset by the potential sale of surplus power generated by the restarted power plant, which is expected to be operational again by the fourth quarter of 2025.
The plant will also require fuel imports, as outlined in the government-approved plan.
