First Quantum Shows Willingness to Negotiate with the State and Welcomes Report on Cobre Panamá.
First Quantum Minerals Ltd. issued a statement on September 30, 2026, welcoming the delivery to the President of the Republic of Panama, by the Interministerial Commission, of the studies, analysis and comprehensive audit report on Cobre Panamá, as well as its corresponding recommendations.
The company highlighted that the document includes seventeen recommendations. The first suggests “authorizing the formal opening of negotiations with Cobre Panamá/First Quantum to assess the feasibility of a new agreement that would end the pending international arbitrations and establish the conditions for a project to operate and achieve an orderly closure, at no cost to the Nation and without the possibility of extension, giving absolute priority to the Nation’s environmental, social, and economic interests.”
The company emphasized that the text suggests any future framework should require that the resources generated by the site be managed transparently and translate into tangible and identifiable benefits for the public (Recommendation 8). It also proposes a mechanism to allocate funds to an environmental plan through a fixed, automatic, and irrevocable allocation derived from state participation (Recommendation 9), while mandating the adoption of an institutional structure with genuine autonomy that incorporates good governance practices, professional management, transparency, and long-term planning (Recommendation 10).
Similarly, First Quantum cited that the report proposes incorporating instruments to ensure that technical management remains outside of short-term political cycles (Recommendation 11) and requiring the definitive termination of pending international arbitrations as a mandatory condition for the implementation of any consensus (Recommendation 17).
“First Quantum recognizes that a new agreement must respect Panama’s sovereignty, its democratic institutions, and a government-led process. First Quantum will participate constructively and in good faith, with the goal of establishing a legal framework for Cobre Panamá that is fair, transparent, durable, and compatible with Panama’s Constitution and laws,” the firm stated in its announcement.
The multinational added that the responsible environmental stewardship and management of the project is a central priority, and therefore reaffirmed its commitment to collaborate with the Government to ensure strong safeguards, effective oversight and transparent monitoring.
“The Company believes that a sustainable path for Cobre Panamá must provide long-term stability to all stakeholders, including tangible economic benefits for people and the country, through employment, workforce development, purchases from local businesses and suppliers, community investment, and broader contributions to the economy,” he concluded, while indicating that he awaits official guidelines from the Executive Branch on the next steps in the dialogue.
