As an Option to Reopen the Cobre Mine the Panamá Government Considers Creating a ‘State-Owned Mining Company’
Panama is considering creating a state-owned mining firm to partner with Canada’s First Quantum on the re-opening of the shuttered flagship Cobre Panama copper mine. The mine, one of the world’s largest, was shut down in 2023 after Panama’s Supreme Court ruled First Quantum’s 20-year-old mining contract was unconstitutional, amid widespread opposition on environmental and governance grounds.
- Panama may launch state firm to reopen its biggest copper mine
- Near record-high copper prices a fresh incentive to restart mine
- First Quantum could hold a 60%-65% stake in Cobre Panama
- Lease option also open, with FQM paying Panama royalties, taxes
- Former government adviser: officials still fear public protests
