Panama's Copper Mine Future to Be Decided in June

Panamanian President José Raúl Mulino announced that in June, the country will make a decision regarding the future of the First Quantum copper mine, located in the Donoso district of Colón province. The Panama Mine, one of the world's largest copper deposits, ceased operations in 2023, and its future has been highly anticipated due to the benefits it offers. The funds Mulino cited come from the copper concentrate left in the mine after its closure in 2023, which was removed for commercialization last year. He also stated that the money the mine paid to Panama a few weeks ago will generate 5,000 new jobs under the "My First Job" program. Mulino mentioned that he will travel to Chile in March for the inauguration of President-elect José Antonio Kast, who has promised technical assistance to Panama with "three experts." The government had announced that communities near the mine (Omar Torrijos, Donoso, La Pintada) will be the primary beneficiaries of these projects. According to the president, the money generated by the mine also benefits people who need this work. "Codelco has a very large industry, and Kast told me that with great pleasure, they will provide us with technical advice for the stage we are in now, which is a very technical stage," Mulino expressed. Mulino stated at his weekly press conference, "I hope and trust that by June we will announce to the country the decision made by the National Government." According to its internet site, it produces 937,000 tons of copper, which translates to $1.240 billion for the treasury. The copper concentrate held by the mine was 128,017 metric tons, according to an audit conducted in December 2024. The National Copper Corporation (Codelco) is a Chilean state-owned mining company that operates in different regions of the southern country. The royalties received by Panama amount to more than 29 million dollars, which will be used to carry out various infrastructure works nationwide.