FQM Resumes Copper Shipments from Panama Amid Hopes for Mine Restart
First Quantum Minerals Ltd. has resumed shipments of copper concentrate from its Cobre Panama mine, 19 months after operations were halted by Panama’s Supreme Court, which ruled the mine’s license unconstitutional.
On June 18, a bulk carrier named Lipsi departed from Punto Rincón, First Quantum’s private port used exclusively for exporting concentrate from the Cobre Panama operation, according to Bloomberg data.
The ship, which can carry around 35,000 deadweight tons, is reportedly en route to deliver its cargo to German copper smelter Aurubis AG, according to sources familiar with the matter who requested anonymity due to commercial sensitivities.
This marks the first shipment since the Panamanian government, in May 2025, authorized the export of approximately 120,000 tons of copper concentrate that had been stranded at the mine since late 2023.
The Cobre Panama mine was forced to shut down following the court ruling that invalidated its operating contract.
Proceeds from the sales will fund maintenance of the currently idle site while First Quantum continues efforts to negotiate a potential restart.
Panamanian President José Raúl Mulino recently indicated that discussions could now begin with a “clean slate,” though he cautioned that a final agreement remains far off.
Additional shipments of the remaining concentrate stockpile are expected in the coming months, with deliveries planned for offtake partners in Japan and South Korea.
First Quantum declined to comment on the developments, and Aurubis has not yet responded to requests for comment.
The restart of shipments could offer a measure of relief to global copper smelters, many of which have struggled with a shortage of raw material since Cobre Panama’s closure.
Processing fees—an industry benchmark reflecting the availability of copper ore—have fallen to historic lows, forcing some smelters in countries like the Philippines and Namibia to reduce output or shut down entirely.
Cobre Panama once supplied roughly 1.5% of the world’s copper, making its abrupt shutdown a major disruption in an already strained global market.
The incident highlighted the growing imbalance between smelting capacity and raw copper supply, further complicating the outlook for an industry under pressure from rising demand and tightening inventories.
