Cobre Panamá mine operational status and review

First Quantum Minerals has initiated a partial restart of the Cobre Panamá copper mine by processing approximately 38 million tonnes of stockpiled ore. This operation, authorized by the government, aims to maintain infrastructure and generate cash flow while supporting thousands of direct and indirect jobs.

As the project continues to process existing inventory, Panamanian authorities are managing the shipment of roughly 33,000 tons of copper concentrate to Europe. Minister of Commerce and Industry Julio Moltó has clarified that moving stored material does not signify a formal reopening of the mine.

The long-term future of the site remains under review by a government inter-institutional commission, which is conducting technical, legal, and environmental evaluations. Recommendations are expected to be presented to President José Raúl Mulino by the end of 2026. The situation is further complicated by three international arbitrations involving claims of approximately US$27 billion, and any final decisions must comply with Supreme Court rulings and the existing mining moratorium.