Canadian mining company First Quantum Minerals has announced that the final hearing for its Cobre Panama mine under the International Chamber of Commerce proceedings has been postponed to February 2026.
The mine in Colon Province, 120km west of Panama City, has been closed since November 2023 following a Supreme Court ruling in Panama declaring its contract unconstitutional.
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The closure was also triggered by environmental protests against the mine’s operation, reported Reuters.
The delay is due to a request by the Panamanian Government for an extension of submission dates in the arbitration process. This follows the appointment of new external legal counsel, and the newly formed government’s need to evaluate the mine’s situation.
With three billion tonnes (3bt) of proven and probable reserves, Cobre Panama is among the “largest” copper mines launched worldwide in the past decade, according to the company.
The Ministry of Environment in Panama initiated an environmental audit of the Cobre Panamá mine on 6 January 2025. International experts are set to conduct the audit, which aims to provide current data on the mine’s status to aid the government’s decision-making process.
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By GlobalDataThe audit’s terms of reference underwent a public consultation that ended on 7 February 2025. Additionally, an independent audit in December 2024 confirmed the amount of copper concentrate stored at the site.
On 12 January 2025, officials from the Ministry of Environment and the Ministry of Public Security visited the Cobre Panamá facilities. The site visit allowed the ministers to examine the mine’s maintenance, the local communities and the environmental impact.
They also inspected the storage of 7,960 tonnes (t) of ammonium nitrate at the mine’s Punta Rincón port, leading to the decision to export the substance by road, which began in January 2025.
First Quantum provided the update on the Cobre Panamá project along with the 2024 fourth quarter (Q4) results.
The company reported net earnings of $99m (C$141.52m) and adjusted earnings of $31m. The quarter also saw a slight dip in financial performance compared with the previous quarter due to reduced copper and gold sales and a lower realised copper price.
Meanwhile, the company’s Kansanshi S3 Expansion Project in Zambia is progressing as planned, with a mid-2025 completion date in sight.
The project had achieved 62% completion in terms of both plant construction and operational readiness by the end of 2024.
