Panama Clears First Quantum to Export Stockpiled Copper
First Quantum Minerals has received approval to begin exporting stockpiled copper from its halted Cobre Panama mine, signaling a possible shift toward negotiations for a restart.
Panama’s President, José Raúl Mulino, announced on Thursday that he had authorized the shipment of copper concentrate accumulated at the mine, which has been shut down since late 2023.
“I authorized the removal of the material that is just sitting there. It’s being wasted, and Panama has invested a significant amount of money in it,” Mulino stated. He added that First Quantum must reimburse Panama once the material is processed abroad.
Following the announcement, First Quantum’s shares surged as much as 8.7% in Toronto on Thursday.
