By Micah Jonah, April 8, 2026
Panama’s government has granted Canada’s First Quantum Minerals permission to remove, process, and export stockpiled material at its closed Cobre Panama mine, one of the world’s largest open-pit copper deposits.
Officials said the move is intended to prevent environmental risks, such as acid rock drainage, and protect nearby communities, while ensuring proper management of the tailings facility. First Quantum confirmed that the measure does not constitute a reopening of the mine and will not involve new drilling, blasting, or other mining operations.
The processing will be conducted under strict government supervision, with the company’s local subsidiary responsible for handling the stockpiles. First Quantum estimates the stockpile contains roughly 38 million metric tons of ore, with about 70,000 tons of recoverable copper. The project will require approximately $250 million in capital, primarily to replenish inventories.
The company has begun hiring and training around 1,000 workers, bringing its workforce at the site to 3,000. Full processing of the stockpiles could take up to three months to begin.
The Cobre Panama mine was shut down in 2023 following widespread protests over environmental concerns and its tax contributions. At its peak, the mine accounted for roughly 5% of Panama’s GDP, making it the country’s second-largest revenue source after the Panama Canal.
While the government and company emphasized that the mine will not formally reopen, Goldman Sachs analysts view the decision and an upcoming independent environmental audit in mid-April as potential precursors to discussions about the mine’s future.
