Panama says First Quantum copper mine maintenance plan is not a restart
PANAMA CITY, May 30 (Reuters) - Panama has approved First Quantum Minerals' maintenance plan for its closed copper mine in the country, but not a re-start of the site, a top trade official said on Friday.
Trade and Industry Minister Julio Molto said the plan included environmental safety measures that were necessary following the abrupt shut-down by government order under the prior administration in late 2023.
"The mine is not being reopened. We're authorizing the implementation of the care and safe management plan to ensure it is environmentally protected," Molto told a press conference.
He said First Quantum (FM.TO), opens new tab would carry out the plan, but did not specify the cost or how long it was expected to take.
Molto noted that government officials working with the Environment Ministry would monitor the process, aiming to ensure that stockpiled copper could eventually be shipped.
He said that experts estimate that process could take three to six months, accounting for environmental measures.
"Supervision will be carried out to ensure that this material can be extracted and processed in the best possible way so that it can then be exported," Molto said.
Canadian First Quantum in March said it would suspend arbitration proceedings over the mine, aiming to restart talks with the Panama government over the future of the site.
The closure of the Cobre Panama mine, which had contributed 1% to global copper production, has impacted both Panama's and the company's financial prospects.
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