Panama Awaits Formal Notice on First Quantum’s Arbitration Suspension
PANAMA CITY – Panamanian President Jose Raul Mulino stated on Thursday that his government has yet to receive official notification from Canada’s First Quantum Minerals regarding the suspension of arbitration over its Cobre Panama copper mine.
An internal memo from Cobre Panama, the company’s local unit, revealed last Friday that First Quantum had instructed its lawyers to begin suspending arbitration proceedings.
The cases were originally filed after the Panamanian government shut down the mine in 2023 following widespread protests over environmental concerns.
Mulino clarified that his administration cannot engage in discussions with First Quantum until the arbitration suspension is officially confirmed. However, he acknowledged that the company appears to be taking the necessary legal steps.
“We haven’t been notified of the suspension, but in good faith, I must assume that it’s a process that requires a reasonable amount of time,” Mulino stated during a press conference.
“Until we are officially informed, there will be no formal conversations.”
Mulino also announced plans to meet next week with his team and Panama’s mining chamber to discuss matters related to Cobre Panama.
Meanwhile, First Quantum’s shares were down 0.6% at 15:01 GMT following the news.
