First Quantum Minerals posts $136 M profit despite Cobre Panamá shutdown

First Quantum Minerals reported a net profit of US$136 million for the second quarter of 2026, even though its flagship Cobre Panamá mine has been closed since the Panamanian Supreme Court annulled its concession in November 2023. The company said higher copper prices – trading above US$4.50 per pound – and increased sales from its remaining assets in Zambia, Spain and other sites offset the loss of the mine that previously contributed about 40% of its output.

A Panamanian environmental group has challenged the audit of the closed mine conducted by SGS, calling it opaque and heavily reliant on company‑provided data. The group claims the audit fails to assess real environmental impacts, noting shortcomings in reforestation, water monitoring and tailings management. The audit results are being reviewed by a ministerial commission under President José Raúl Mulino to decide the mine’s future, a decision that could affect the $10 billion investment in the site.