Commission recommends First Quantum restart copper mine to fund future wind-down

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeMiningNewsCommission recommends First Quantum restart copper mine to fund future wind-downWith the commission’s report in hand, next steps and final decisions around Cobre Panama’s fate is up to the country's presidentLast updated 37 minutes ago Cobre Panama closed after local protests and a ruling from the country’s Supreme Court declaring that a 20-year operating concession granted to First Quantum was unconstitutional. Photo by LUIS ACOSTA/AFP via Getty ImagesFirst Quantum Minerals Ltd.’s share price dropped more than 30 per cent on Wednesday on news that its Cobre Panama mine may get a second life on its way to winding down operations for good.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountIn a report released Wednesday, a Panamanian commission recommended that President José Raúl Mulino’s government negotiate with the Canadian mining company to restart production at its open-pit copper mine under a framework that would self-finance the site’s future closure and rehabilitation.This advertisement has not loaded yet, but your article continues below.Cobre Panama, located about 120 kilometres outside of Panama City, was a key piece of the country’s economy before it closed in November 2023. The mine contributed around five per cent to Panama’s gross domestic product (GDP) and employed more than two per cent of the country’s total workforce, according to First Quantum’s website.SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againThe mine was also a moneymaker for First Quantum and previously accounted for 40 per cent of the company’s revenue.Cobre Panama closed after local protests and a ruling from the country’s Supreme Court declaring that a 20-year operating concession granted to First Quantum was unconstitutional. Its shutdown delivered a negative shock to Panama’s exports, government revenue and GDP growth, and the commission’s report said 6,000 direct jobs and 30,000 indirect jobs were lost.Since then, the mine has sat in a state of temporary “reservation and safe management.”This means we are working with a smaller team to implement environmental stability and asset integrity measures as we continue to manage the mine safely and responsibly,” First Quantum says on its website.This advertisement has not loaded yet, but your article continues below.With the commission’s report in hand, next steps and final decisions around Cobre Panama’s fate is up to President Mulino.In a statement, First Quantum acknowledged the commission’s recommendations and said it is awaiting guidance on next steps from Panama’s government.“First Quantum recognizes that a new agreement must respect Panama’s sovereignty, democratic institutions and the Government-led process,” the company said.“First Quantum will engage constructively and in good faith with the objective of establishing a legal framework for Cobre Panamá that is fair, transparent, durable, and aligned with Panama’s Constitution and laws.”We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.