Panama ready to unveil key audit on First Quantum copper mine

Mining05-28 06:27

Panama plans to publish the final audit of First Quantum Minerals’ (TSX: FM) shuttered copper mine on Friday as anti-mining protests re-emerge and expectations grow over the government’s next move on ...

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Commerce and industries minister Julio Moltó said President José Raúl Mulino would decide the mine’s future once the government reviews the findings.\n“The report will be extensive and will require thorough analysis,” Navarro said. “This report will be public so that everyone can study it.”\nThe audit could shape the future of one of the world’s largest copper mines after Panama’s Supreme Court ruled First Quantum’s concession unconstitutional in late 2023, triggering an indefinite shutdown.\nThe Mulino administration has since signalled openness to restarting mining activity because of the sector’s economic importance, while environmental groups and civil society organizations continue to oppose any reopening.\nProtests come back\nDozens of demonstrators marched in Panama City last Friday against a potential restart of mining operations, according to Prensa Latina. The protests were organized by Sal de las Redes and Movimiento Independiente Voluntad.\nParticipants criticized the government’s handling of the issue and rejected any attempt to reopen the mine. They urged Mulino to respond to public opposition.\n\nLeonardo DiCaprio backs Panamanians’ protests against First Quantum’s operation\n\nThe demonstrations revive tensions seen during the mass protests of October and November 2023, when nationwide unrest culminated in the closure of Cobre Panama. Before the shutdown, the mine ranked among the world’s largest copper operations, producing 350,000 tonnes in 2022 and contributing about 5% of Panama’s gross domestic product. \nFirst Quantum has said the suspension of its Cobre Panamá copper mine has cost Panama an estimated $3.5 billion in lost economic contribution over the past two years, underscoring the mounting financial toll of the operation’s prolonged shutdown.\nMoltó said the government had already approved a safe management plan to preserve the site environmentally and remove hazardous materials in coordination with the environment ministry.\n\n\n\n\n\nTaken from FQM’s 2025 Tax Transparency and Economic Contributions Report. \nMeanwhile, an unverified social media post claiming to cite a preliminary audit report has circulated online, alleging irreversible environmental damage and disproportionate economic benefits for the mining company. \nThe government has rejected speculation surrounding unofficial findings and maintains that only the final report will determine the project’s environmental compliance and future.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.3","shortVersion":"4.42.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2638694152","isCrawlerRequest":true}