Panama’s decision to allow the export of copper concentrate from First Quantum Minerals’ (TSX: FM) long-shuttered Cobre Panama mine has reignited hopes for a full restart of one of the world’s most significant copper operations.
President Jose Raul Mulino’s authorization paves the way for the release of over 120,000 metric tons of copper concentrate that had been stranded since the mine’s forced closure in late 2023.
“It was being wasted, and Panama would need to be reimbursed once the products are processed outside of the country,” Mulino said.
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The Cobre Panama mine, once responsible for roughly 1% of global copper production, had been stalled after the previous government ordered operations to cease over environmental concerns and a high-profile Supreme Court decision that declared the mine’s contract unconstitutional.
While these issues remain under legal scrutiny, Mulino’s move to restart the power plant and initiate exports signals his administration’s openness to a new path forward.
“The issue of the mine will be approached with great responsibility and taking into account at all times the national interest,” said the president. “We’ll start as of next week.”
First Quantum shares jumped 19% to a two-month high following the announcement. The Canadian miner welcomed the government’s stance and has long maintained its readiness to work with the government.
This follows the development that a final hearing under International Chamber of Commerce proceedings was recently postponed to February 2026, after the Panamanian government requested more time to prepare its arguments.
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