LatinNews Daily - 1 April 2025

*Canadian mining company First Quantum Minerals (FQM), which owns Panama’s largest mine Cobre Panamá, has announced that it has discontinued 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). In November 2023 FQM initiated arbitration proceedings before the France-headquartered International Chamber of Commerce’s (ICC) International Court of Arbitration and filed a notice of intent of arbitration under the Canada-Panama Free Trade Agreement (FTA). In a press note released yesterday (31 March) FQM said that following engagement with the Panamanian government’s legal counsel it had agreed to discontinue the arbitration proceedings and to suspend the FTA arbitration. FQM’s suspension of arbitration proceedings looks set to pave the way for renewed negotiations with the Panamanian government led by President José Raúl Mulino. It follows 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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