The Latest News Regarding the Panama Cobre Copper Mine
Cobre Panama mine of Canadian First Quantum Minerals, in Donoso
PANAMA CITY: Panama has not authorized visits to First Quantum’s shuttered Cobre Panama mine, the country’s Ministry of Commerce and Industry said in a statement. “Any entry of third parties to those facilities has been managed unilaterally by the company, without the participation or endorsement of the National Government,” the ministry said. The statement was shared on X by Minister Julio Molto and stated that Panama’s government is “in the process of contracting a comprehensive audit, which aims to technically and objectively evaluate the current state of operations and their impact on the environment.”
Panama’s statement comes after First Quantum announced on Monday a program of visits to the Cobre Panama copper mining site, which has been shut since 2023 amid an environmental dispute with the country, to tour the site. The Panamanian government believes the public visits may affect the impartiality of any analysis of the Cobre site and the existing supplies of copper concentrate there. Before its shutdown, the mine was one of the world’s top sources of copper, accounting for 1% of global output.
The largest open-pit copper mine in Panama, Cobre Panamá, operated by First Quantum Minerals, was shut down in November 2023 after the Supreme Court ruled the concession unconstitutional, following environmental protests and a tax dispute.
Here’s a more detailed breakdown:
Key Facts:
- Name: Cobre Panamá
- Location: Colón Province, Panama, 120 km west of Panama City
- Operator: First Quantum Minerals
- Type: Open-pit copper mine
- Status: Shut down in November 2023
- Reason for Shutdown: Supreme Court ruled the concession unconstitutional, following environmental protests and a tax dispute
- Estimated Production: Before shutdown, the mine produced 330,000 tonnes of copper per year, along with gold, silver, and molybdenum.
- Economic Impact: The mine was estimated to account for about 5% of Panama’s gross domestic product and 75% of its exports.
- Current Situation: The mine is currently in a phase of Preservation and Safe Management, with First Quantum working to find a long-term solution and address misinformation.
- First Quantum’s Perspective: First Quantum is committed to working with the local government to find a long-term solution and to addressing misinformation about the project.
- Panama’s Perspective: Panama is concerned about the economic toll of the mine closure and is yet to decide the mine’s future.
- Arbitration: First Quantum filed arbitration seeking damages of at least $30 billion.
