Cobre Panama stockpile restart: what First Quantum move means for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Panama plans to authorise First Quantum to process and export about 38 million tonnes of stockpiled ore at the shuttered Cobre Panama complex, expected to yield roughly 70,000 tonnes of copper and take around 12 months once a three‑month ramp‑up is complete. Commerce and Industries Minister Julio Moltó expects the resolution by Tuesday, enabling shipments that could offset 2026 care‑and‑maintenance costs and add about 700 direct jobs to the current 1,600‑strong workforce. Authorities have already sold 122,000 tonnes of concentrate, generating nearly $30 million in royalties, while a 150 MW power unit has been restarted to support site maintenance and the national grid.
Technical Brief
- Cobre Panama complex comprises two open pits, a concentrator, two power plants and a dedicated port.
- Operation has been on care and maintenance since 2023, following suspension of full-scale mining.
- A ministerial resolution authorising removal of stockpiled material is reportedly in final internal approval stages.
- Over 122,000 tonnes of copper concentrate have already been sold from site inventories under government control.
- Those concentrate sales have yielded nearly $30 million in royalties earmarked for public infrastructure projects.
- A 150 MW power unit has been recommissioned to supply both site maintenance loads and the national grid.
- Officials cite reduced acid rock drainage risk and improved tailings management as drivers for clearing stockpiles.
- Before closure, Cobre Panama produced 350,000 tonnes of copper in 2022, about 1% of global supply.
- The mine previously contributed roughly 5% of Panama’s GDP, so interim stockpile processing has macroeconomic significance.
- Government targets a decision on the long‑term future of Cobre Panama by June, influencing any restart scenarios.
Our Take
Our database shows multiple recent First Quantum items – including the Çayeli sale in Türkiye and the new Taca Taca technical report in Argentina – signalling that, while Cobre Panama in Latin America is politically constrained, the company is actively reshaping its copper portfolio and liquidity elsewhere.
The nearly $30 million in expected royalties from processing stockpiled copper concentrate sits against a backdrop of volatile crude and copper markets in our recent coverage, so any by-June restart at Cobre Panama would give Panama a modest but timely revenue buffer while full mine permitting remains unresolved.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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