First Quantum Minerals (TSX: FM) has expressed support for a plan by Panama’s President Jose Raul Mulino to allow the removal and processing of stockpiled ore at the Cobre Panama copper mine, which was shuttered in 2023. The government has initiated a care and maintenance plan, targeting the processing of around 38 million tonnes of ore. This stockpile is expected to yield approximately 70,000 tonnes of copper, with sales proceeds potentially offsetting preservation costs in 2026, pending regulatory approval.
Cobre Panama, which once contributed about 1% of global copper production and accounted for nearly 5% of Panama’s GDP, produced 350,000 tonnes of copper in 2022. The recent adjustments in First Quantum’s copper production guidance indicate an expected 375,000 to 435,000 tonnes for 2026 and up to 470,000 tonnes for 2027. The anticipated processing could create around 700 direct jobs and contribute significantly to the local economy, with a government decision on the mine’s future expected by June.
