Panama plans to publish the final review of First Quantum Minerals’ (TSX:FM) shuttered copper mine on Friday as anti-mining protests resurface and expectations grow over the government’s next move on the suspended copper operation.
Environment Minister Juan Carlos Navarro said Third party report Information regarding the Panama Bridge mine will be made public “with full transparency” once it is finalized, it said Local newspaper Star of Panama.
The audit entered its final stage of technical analysis and verification a week later Six preliminary reports has been released. Trade and Industry Minister Julio Molto said President Jose Raul Molino will decide the future of the mine once the government reviews the results.
“The report will be comprehensive and will require comprehensive analysis,” Navarro said. “This report will be public so everyone can study it.”
The review could shape the future of one of the world’s largest copper mines after Panama’s Supreme Court The First Quantum franchise was ruled unconstitutional In late 2023, which will result in the service being shut down indefinitely.
Since then, the Molyneux administration has indicated its openness to resuming mining activity due to the economic importance of the sector, while environmental groups and civil society organizations continue to oppose any reopening.
Protests counting
Dozens of demonstrators organized a march in Panama City last Friday against the possible resumption of mining operations. according to Latin press. The protests were organized by Sal de las Redes and Movimiento Independiente Voluntad.
Participants criticized the government’s handling of the issue and rejected any attempt to reopen the mine. They urged Molyneux to respond to public opposition.
The demonstrations revive the tensions that the country witnessed during the period Mass protests in October and November 2023when nationwide unrest culminated in the closure of the Panama Bridge. Before the closure, the mine was among the world’s largest copper operations, producing 350,000 tons in 2022 and contributing about 5% of Panama’s GDP.
First Quantum said the suspension of its Cobre Panamá copper mine cost Panama an estimated… $3.5 billion in lost economic contribution over the past two years, highlighting the increasing financial cost caused by prolonged downtime.
Molto said the government has already approved a safe management plan to environmentally preserve the site and remove hazardous materials in coordination with the Ministry of Environment.
Meanwhile, an unverified social media post claiming to cite a preliminary audit report has been circulating online, alleging irreparable environmental damage and disproportionate economic benefits to the mining company.
The government rejected speculation surrounding the unofficial results and stressed that only the final report would determine the project’s environmental compliance and future.
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