First Quantum’s Cobre Panama Mine to suspend Arbitration against Panama

The Cobre Panama Mine of the First Quantum initiated steps to suspend arbitration procedures against Panama, reported Reuters.

The Panama Ministry of Trade has stipulated that negotiations with the miner could continue unless the arbitration had been suspended.

The manager of Cobre Panama, Manuel Aizzurua, was quoted by the news agency, saying: “I have trained our lawyers to meet the legal team of the Government to work to suspend arbitration … to lead to a solution to benefit workers, communities, suppliers and all Panamans.”

The report said that the authenticity of the memory was confirmed by First Quantum Minerals.

This move comes after President Panama announced the export approval for 120,000 million tonnes of Copper concentratedwhich was blocked from November 2023, and the restart of the crucial power plant for mine operations.

President Mulino, in a press conference, authorized the removal of blocked copper products, emphasizing the need for Panama to be reimbursed once they will be processed outside the country.

He said that the future of the mine will be reviewed with the national interest in mind, starting next week.

The company previously announced that Final hearing for Cobre Panama’s mine Within the International Chamber of Commerce, the Chamber of Commerce process was postponed until February 2026.

Mina, located 120 km west of the city of Panama, in the province of Colon, was inactive from November 2023, when a decision of the Supreme Court said that its contract is unconstitutional.

The government, under the previous administration, ordered the closure of the mine due to environmental protests, raising concerns about the maintenance of the site and the stored copper concentration.

The First Quantum shares increased by 1% Friday afternoon on the Toronto Stock Exchange, following a two-month height, an increase of 15% after the news of copper export authorization.

Before its closure, Cobre Panama was a significant source of copper, contributing with 1% to global production.

“The first Cobre Panama Mine from Quantum to suspend the arbitration against Panama” was initially created and published by Mining technologya brand owned by globaldata.

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