Panama Panel Backs Reopening First Quantum's Cobre Panama Mine to Fund Phased Closure

A Panamanian government commission on September 30 recommended formal negotiations with First Quantum Minerals (TSX: FM) to reopen the shuttered Cobre Panama mine, proposing operations that would fund an "orderly closure" at no cost to the state. The report urges a new agreement ending pending international arbitration claims, with no footprint expansion and operating revenue covering rehabilitation, monitoring and a closure reserve. Cobre Panama accounted for 1% of global copper output before its 2023 shutdown amid tax and environmental protests. First Quantum shares fell as much as 31% in Toronto before closing down 15%, as ministers emphasized "orderly closure." Scotiabank called the update "confusing," noting talks concern a restart, while J.P. Morgan said the framework implies multi-decade operation. President Jose Raul Mulino said he will study the report before deciding.