Future of Cobre Panama: Decision Looms Amidst Environmental Concerns

Panama's government plans to decide on First Quantum's Cobre Panama mine by June. The mine, crucial to global copper supply, closed in 2023 due to tax and environmental concerns. Chile's President-elect offers expert help, impacting Panama's and First Quantum's financial outlooks.

Panama's government is set to make a critical decision regarding the future of First Quantum's Cobre Panama mine by June, as announced by President Jose Raul Mulino on Thursday.

The significant open-pit copper mine was closed in 2023 following local protests concerning tax contributions and environmental issues. President Mulino expressed confidence that the process would conclude mid-year, with an announcement pending.

Chilean President-elect Jose Antonio Kast has extended support by offering three mining experts to aid in the decision-making process, potentially impacting the financial landscape for both Panama and First Quantum.

(With inputs from agencies.)