Overview
- The Panamanian government has authorized the sale of $250 million worth of stored copper concentrate and restarted the mine's power plant, seen as steps toward reopening the mine.
- Cobre Panama accounted for 5% of Panama's GDP and 75% of its exports before its closure in 2023 following a Supreme Court ruling deeming its concession unconstitutional.
- President José Raúl Mulino has expressed willingness to negotiate with First Quantum Minerals to reopen the mine, citing its economic importance and potential to recover lost revenue and jobs.
- Environmental and civic groups strongly oppose the reopening, citing unfulfilled community promises and concerns about ecological damage, and are organizing public protests.
- The mine's operator, First Quantum Minerals, has suspended arbitration proceedings against Panama and expressed readiness to negotiate a resolution with the government.