Panama concerned about economic toll of Cobre Panama mine closure
This article is a summary of reporting by Reuters. Originally published February 27, 2025.
Panamanian President José Mulino highlighted the significant economic fallout caused by the shutdown of First Quantum Minerals' Cobre Panamá copper mine, which previously accounted for roughly 5% of Panama's gross domestic product. The mine was shuttered following widespread environmental protests and a Supreme Court ruling that annulled the contract. Mulino pointed out that the lack of job creation and wealth generation from the mine is weighing heavily on the country. Meanwhile, First Quantum has initiated international arbitration seeking at least $30 billion in damages, though the company has stated it would prefer a negotiated resolution.
AI Summary
Panamanian President José Mulino expressed concern over the severe economic hardship and job losses resulting from the shutdown of the Cobre Panamá copper mine.
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