On Monday, October 20, Panama’s Finance Minister said that any agreement to restart operations at the $10 billion Cobre Panama copper mine must explicitly state that the land and resources belong to the Republic of Panama.
Following a Supreme Court ruling, environmental protests, and political unrest, the mine was ordered to shut down in late 2023. The new government, led by President Jose Raul Mulino, is preparing to begin negotiations with mine owner First Quantum Minerals.
Economy and Finance Minister Felipe Chapman told reporters, “For us, it’s important to reach an agreement that clearly states the resources belong to the Republic of Panama.”
In June, President Mulino said the possibility of reopening talks became clearer after Franco-Nevada, which had a metal streaming agreement with First Quantum, agreed to withdraw its arbitration case against Panama.
Before its closure, Cobre Panama accounted for 1% of global copper output and around 5% of Panama’s GDP, making it a cornerstone of the nation’s economy. Restarting the mine could create thousands of jobs and boost growth.
Public sentiment toward the mine has also improved. According to recent polls, 50% of respondents now view the mine negatively — down from over 80% a year ago, signaling a shift in public perception that could pave the way for new negotiations.
[Source – 上海有色网] 巴拿马将在Cobre铜矿谈判中坚持资源所有权 https://news.smm.cn/news/103578155
