Canadian miner First Quantum Minerals (TSX: FM) on Thursday welcomed Panama President Jose Raul Mulino’s plan, announced early this month, to allow the removal and processing of stockpiled ore at its shuttered Cobre Panama copper mine.
The company said processing of the ore stockpiles will allow it to mitigate the environmental and operational risks associated with acid rock drainage and ensure a supply of feed material to the leftover, or tailings, management facility.
First Quantum is awaiting formal approvals to carry out these activities in coordination with the Panama government.
The Cobre Panama mine, one of the world’s largest open-pit copper deposits, was closed in 2023 following protests from local residents over tax contributions and environmental impacts.
The processing of stockpiles does not constitute reopening the mine, and will not require any new extraction, drilling or blasting, the company said in a statement.
The mine formerly provided 1% of the global copper supply, and its closure has had an impact on both Panama’s and First Quantum’s financial prospects.
Earlier on Thursday, Mulino said the government aims to make a decision on the future of the copper mine by June.
(Reporting by Pooja Menon in Bengaluru; Editing by Sahal Muhammed)
