LatinNews Daily - 2 June 2025

*Canadian mining company First Quantum Minerals (FQM), which owns Panama’s largest mine Cobre Panamá, has announced that it has received government approval for a preservation and safe management programme for the mine, which was shuttered in late 2023 following major unrest over a revised contract with FQM. According to FQM, this will allow for the “integral preservation and safe management activities and the associated environmental measures at site, which will be funded through the export of 121,000 dry metric tonnes of copper concentrate currently stored at site”. The government led by President José Raúl Mulino has denied that this represents a reopening of the mine which would be hugely controversial. Trade & Industry Minister Julio Moltó was cited by the media as saying that the initiative, which provides for the export of copper concentrate that has been stored for months at the plant, is to ensure the mine is environmentally protected and to stem further economic and operational losses. President Mulino has sparked speculation over the mine’s future after offering concessions to FQM which resulted in it discontinuing arbitration proceedings against Panama two months ago, although the president maintains that a new contract law will not be approved.

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