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Panama Commission Recommends Orderly Closure of Cobre Panama Mine

Panama Commission Recommends Orderly Closure of Cobre Panama Mine

First seen 30 Sep 2026, 17:30 UTC • •
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ThreatCluster AI
ThreatCluster •September 30, 2026 at 21:38 UTC
  • •Panama's commission recommends an orderly closure of the Cobre Panama mine.
  • •The mine's closure has led to significant job losses and reduced state revenue.
  • •First Quantum's shares dropped 31% following the announcement of the commission's proposal.

A Panamanian government commission has recommended President José Raúl Mulino to order the final closure of First Quantum Minerals’ Cobre Panama mine. This recommendation follows an independent audit that evaluated the mine's economic, environmental, and legal implications. The commission suggests negotiating a new arrangement to allow a temporary restart of operations to facilitate an orderly closure without financial burden on the state. The mine, which produced up to 1.5% of global copper, was shut down in 2023 due to protests over environmental concerns. The closure resulted in the loss of approximately 36,000 jobs and a significant reduction in state revenue. The commission's proposal is not final and requires the president's decision. First Quantum has not yet commented on the recommendation.

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Timeline

2023-09-30
Cobre Panama mine production halted
First Quantum Minerals ceased operations at the Cobre Panama mine following nationwide protests over environmental issues.
Theglobeandmail
2023-11-01
Supreme Court ruling on concession contract
Panama's Supreme Court ruled the law approving the concession contract unconstitutional, leading to the mine's closure.
Mining
2026-09-30
Commission recommends orderly closure
A Panamanian commission recommended negotiating a restart of operations to facilitate an orderly closure of the mine.
Bnnbloomberg.Ca

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Common questions

What are the implications of the mine's closure?
The closure has resulted in approximately 36,000 job losses and a nearly $1.4 billion reduction in state revenue.
What is the current status of First Quantum's operations?
First Quantum has resumed processing stockpiled ore but has not reopened the mine for new extraction.
What will the government do next?
President José Raúl Mulino will analyze the commission's recommendations before making a final decision.