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| First Quantum |
Panama will make a crucial decision in 2025 regarding the future of a significant copper mine owned by Canada-based First Quantum Minerals, which was shut down in November. The mine, located in Donoso district, Colon province, was ordered closed by Panama’s supreme court, which ruled that the company's contract was unconstitutional. Environment minister Juan Carlos Navarro confirmed that discussions on handling the extracted copper concentrate, roughly 120,000 tons, are underway, with decisions expected soon.
Environmental Concerns and Future Plans
The $10 billion project is one of the largest copper mines in the Americas, and while it remains closed, a government-approved safety and maintenance plan is expected soon. Navarro emphasized the importance of transparency in deciding the mine’s fate, promising a complete audit and consultation with the Panamanian people in 2025.
The extracted copper concentrate must be exported due to the environmental risks posed by toxic gases and leachates, according to Navarro. First Quantum Minerals plans to sell the stored concentrate to fund mine preservation efforts. However, industry minister Julio Molto stressed that the government will not engage in negotiations with the company while it pursues international arbitration for compensation, seeking redress through both the International Court of Arbitration and under the Canada-Panama Free Trade Agreement.
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