“`html
First Quantum Minerals’ Cobre Panama copper mine, which was ordered to close by the Panamanian government in November 2023, was projected to contribute more than $1.7 billion to the country’s economy. The mine could have generated $500 million in government revenue, over $250 million in salaries, and nearly $1 billion in local procurement last year. Instead, it only contributed $378 million in 2024, a drop from $1.83 billion in the previous year.
Since its commercial production began in June 2019, Cobre Panama has been a significant economic driver for the nation, accounting for approximately 5% of Panama’s GDP and employing over 40,000 people, or about 2% of the workforce. In 2022, the mine achieved a record copper output of 350,000 tonnes.
First Quantum has disclosed that it has paid over $1.2 billion in direct government contributions through taxes, royalties, and other payments since the mine’s inception.
“`
