Cobre Panama mine moves toward stockpile processing with First Quantum

Panama's government has proposed allowing removal and processing of about 38 million tonnes of stockpiled ore at the shuttered Cobre Panama mine, and First Quantum says that stockpile could yield roughly 70,000 tonnes of copper and help offset preservation costs in 2026.

Panama's president has proposed allowing removal and processing of ore stockpiles at the shuttered Cobre Panama mine, and First Quantum Minerals has welcomed the measure as a step toward stabilizing the site while talks on its future continue. The government began executing a care and maintenance plan last year in preparation for work on material mined before operations were suspended in 2023. Authorities also restarted parts of the mine's power plant and sold stored concentrate, and an independent audit of compliance is under way. Officials say processing the stockpile would reduce long-term storage risks and provide feed for the tailings management facility. Key facts: - The plan would allow removal and processing of roughly 38 million tonnes of stockpiled ore at Cobre Panama. - First Quantum stated the stockpile could yield about 70,000 tonnes of copper, with proceeds potentially offsetting preservation and maintenance costs in 2026, depending on regulatory timing. - On a preliminary timeline, processing could begin about three months after formal regulatory approval and take roughly one year to complete. - The government commissioned an independent audit of environmental, social, legal and fiscal compliance, with site inspections completed in November and December and the audit expected in April 2026. - Authorities restarted the mine's power plant, commissioned a 150 MW unit that reached design capacity, and sold more than 122,000 tonnes of stored concentrate, generating nearly $30 million in royalties directed to public works. Summary: Allowing processing of the stockpiled ore is reported as a measure to reduce environmental and operational risks while providing economic activity and additional jobs during the work. The next formal steps include regulatory approval and completion of the government-commissioned audit, with officials aiming to decide the mine's longer-term future by June and a possible processing start several months after approvals.