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LatinNews Daily - 17 March 2025
In brief: FQM to suspend arbitration proceedings against Panama
*Canadian mining company First Quantum Minerals (FQM), which owns Panama’s largest mine Cobre Panamá, has announced that it has instructed its lawyers to suspend arbitration proceedings against Panama which stem from the shuttering of the mine in late 2023 under the previous government led by former president Laurentino Cortizo (2019-2024). This followed major unrest in 2023 following the approval of a new contract with the mining company amid complaints that it had been rushed through without transparency and concerns regarding its environmental impact. FQM’s decision to suspend arbitration proceedings, which looks set to pave the way for renewed negotiations with the Panamanian government led by President José Raúl Mulino, comes after President Mulino’s recent announcement that he had authorised the export of copper concentrate from Cobre Panamá and ordered the restarting of a 300 megawatt (MW) thermoelectric power plant needed to operate the Punta Rincón port used to help with the export process.
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