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LATIN AMERICA ADVISOR

LATIN AMERICA ADVISOR

A daily publication Of the dialogue

April 3, 2025

What’s the Future of the Cobre Panamá Copper Mine?

Panama’s government recently began neogiations to explore reopening the Cobre Panamá mine, which was ordered closed in 2023. A copper mine in Spain is pictured. // File Photo: Juanmi via Adobe Stock.

Q

  • Panama’s government is reopening discussions on potentially restarting the Cobre Panamá copper mine, whose operations were halted after the country’s supreme court struck down its concession in 2023, saying it was unconstitutional. The mine, which is owned by a subsidiary of Canada-based First Quantum Minerals, accounted for almost 5 percent of Panama’s gross domestic product the most recent year it was in operation, though critics have raised concerns about the mine’s environmental impact. How likely is the mine to be restarted, and what obstacles stand in the way? What’s behind public opposition to the mine? How important is the mine to Panama’s economy?

A

Alejandro Valerio, founder of Valerio Consulting Group: “The reopening of discussions surrounding Cobre Panamá reflects the interconnected relationship between economic imperatives and governance. The mine—responsible for 5 percent of GDP and 75 percent of exports in its last year of operation—is central to Panama’s short-term economic outlook. In 2024, the country’s non-financial public sector posted a 7.4 percent fiscal deficit of $6.4 billion, contributing to its credit downgrades. With copper prices surging—reaching $5.37 per pound on March 26 amid tariff-driven supply fears—Cobre Panamá represents an opportunity to attract foreign capital and stabilize public finances. Yet formidable obstacles stand in the way. The Supreme Court’s 2023 ruling, which deemed the mine’s concession…”

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