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Panama removes a portion of the copper stockpiled at First Quantum mine

Panamanian officials announced on Monday that more than a quarter (25%) of the copper concentrator stockpiled by First Quantum Minerals at its Cobre Panama mine, since the mine closed in 2023, has been shipped out.

The removal of 33, 000 metric tons of copper out of a total 120,000 tons at the site seems to have ended the uncertainty about the stuck-on copper and may signal a possible thawing in the relationship between President Jose Raul Mulino’s government and the Canadian company.

First Quantum has declined to comment.

The mine was closed by the previous administration of Panama after public protests about environmental concerns.

Panama's Trade and Industry Ministry said that the copper stockpile would be removed gradually, but did not provide a date or any further information about the shipment.

"More 33,000 tons of concentrate have been shipped." The ministry stated that the removal of the concentrate will be gradual, depending on weather, technical and logistical factors, and other factors.

The ministry said that it, as well as Panama's maritime authorities, customs, and environmental authorities were overseeing the process.

First Quantum announced in March that it had agreed to end the arbitration process over the mine. This allowed for the government to resume talks with First Quantum. Reporting by Elida Moreno in Panama City, and Divya Raagapal in Toronto. Editing by Daina Beth Solow, Kylie Madry, and Sonali Paul.

(source: Reuters)