First Quantum Minerals (TSX: FM) announced that the final hearing under the International Chamber of Commerce proceedings regarding its Cobre Panama copper mine has been postponed from September of this year to February 2026. The extension was granted after the Panamanian government requested more time to prepare its arguments, citing the need for newly appointed legal counsel to review the case and the transition to a new administration.
These developments, according to government representatives, required additional time to assess the complexities surrounding Cobre Panama, including the original contract’s legal standing and the project’s wider ramifications for the country.
Cobre Panama had become a focal point of international attention for its significant copper output before it was shut down in November 2023. The closure followed a decision by Panama’s Supreme Court, which ruled that the mine’s contract was unconstitutional. At the same time, mounting environmental demonstrations added further pressure, ultimately leading to the suspension of operations.
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First Quantum reported that last year it introduced a voluntary retirement scheme for workers at Cobre Panama, anticipating that the legal situation might lead to an extended period of downtime.
Given the new timeline, industry experts say the legal battle could remain unresolved for at least another two years while arbitration unfolds.
Back in April, the company’s subsidiary, Minera Panamá, raised alarm bells regarding the potential dangers posed by the extended storage of copper concentrate at the mine.
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