Canadian company First Quantum Minerals is awaiting formal approval from the government of Panama (GOP) to proceed with processing stockpiled ore at the Cobre Panamá copper mine. This activity will be carried out under the approved Preservation and Safe Management (P&SM) plan and does not constitute a mine reopening. President of Panama José Raúl Mulino announced that a decision on the fate of the $10 billion operation will be made by June 2026. The mine, which accounted for around 2% of global copper production in 2022, was shut down in November 2023 after Panama's Supreme Court invalidated the concession contract. The company states that processing the stockpiles will mitigate environmental risks like acid rock drainage and ensure feed for the tailings facility. First Quantum estimates that approximately 70,000 tonnes of copper could be produced from the stockpiles, creating 700 additional direct jobs. The P&SM plan also includes restarting the mine's power plant, with the first 150MW unit commissioned in Q4 2025.
