Africazine:
The suspension of the Cobre Panamá mine has cost Panama billions, raising urgent economic concerns.
First Quantum Minerals reports that the closure has resulted in an estimated .5 billion loss in economic contributions over the past two years. The mine, which could have contributed at least .8 billion to Panama’s economy this year alone, underscores the significant financial impact of its prolonged shutdown.
Cobre Panamá Mine’s Economic Impact on Panama
The Cobre Panamá mine is one of the largest copper mines globally, and its closure has had severe repercussions for Panama’s economy. First Quantum estimates that the mine would have generated over 0 million in government revenue, more than 0 million in wages, and nearly 0 million in local procurement spending this year.
Since the mine’s suspension, Panama has lost approximately .5 billion in economic benefits, including around .1 billion in taxes and royalties. These figures highlight the mine’s critical role in the national economy.
First Quantum’s Contributions and Future Engagement
Despite the mine’s closure, First Quantum has continued to engage with the Panamanian government and stakeholders to seek a resolution that allows for a restart under responsible standards. The company generated about 2 million in 2025 from the export of previously mined copper concentrate, which has been used to fund preservation activities and support local procurement.
First Quantum’s ongoing efforts have provided support for more than 1,700 employees and contractors in Panama, demonstrating the mine’s continued economic relevance even during its suspension.
Next Steps for Cobre Panamá Mine
- Continued engagement with the Panamanian government for a potential mine restart.
- Focus on responsible environmental and social standards for future operations.
- Ongoing preservation and monitoring activities to support local workforce.
The economic stakes of the Cobre Panamá mine are critical for Panama’s future prosperity.
