Panama Set to Release Final Audit on First Quantum’s Cobre Panamá Mine Amid Renewed Protests

Cobre Panama mine was First Quantum Minerals’ largest copper operation. (Image courtesy of Cobre Panama.)

The government of Panama is preparing to release the final independent audit of First Quantum Minerals’ suspended Cobre Panamá copper mine, a report widely expected to influence the future of one of the world’s largest copper operations.

Environment Minister Juan Carlos Navarro confirmed that the third-party audit will be made public on Friday following the completion of its final technical review and verification phase.

“The report will be extensive and will require thorough analysis,” Navarro said, according to local media reports. “This report will be public so that everyone can study it.”

The audit process entered its final stage last week after authorities reviewed six preliminary technical reports. Commerce and Industries Minister Julio Moltó stated that President José Raúl Mulino will determine the next steps for the project once the government completes its assessment of the findings.

Mine Closure Remains a National Flashpoint

The release of the audit comes as anti-mining demonstrations have re-emerged in Panama City, highlighting the continued political and social divisions surrounding the future of the Cobre Panamá mine.

Dozens of protesters marched last week opposing any potential restart of mining activities at the site. The demonstrations were organized by civil society groups Sal de las Redes and Movimiento Independiente Voluntad, both of which have criticized the government’s handling of the issue and called for the permanent closure of the operation.

Tensions surrounding the mine date back to late 2023, when Panama’s Supreme Court ruled First Quantum’s mining concession unconstitutional following months of nationwide protests and political unrest. The ruling forced the indefinite shutdown of Cobre Panamá, which had ranked among the world’s largest copper mines prior to closure.

Before operations were suspended, the mine produced approximately 350,000 tonnes of copper annually and contributed an estimated 5% of Panama’s gross domestic product, making it one of the country’s most strategically important economic assets.

Economic Pressure Mounts

While environmental opposition remains strong, the administration of President Mulino has increasingly signalled a willingness to consider the resumption of mining activities due to the sector’s economic significance.

First Quantum has estimated that the suspension of Cobre Panamá has resulted in approximately $3.5 billion in lost economic contribution to Panama over the past two years, underscoring the growing financial impact of the prolonged shutdown.

Government officials have also confirmed that a site preservation and environmental management plan has already been approved to ensure the safe maintenance of the operation during the suspension period, including the handling and removal of hazardous materials in coordination with environmental authorities.

Speculation Surrounds Audit Findings

The pending publication of the audit has also fueled speculation online after an unverified social media post circulated claiming that preliminary findings identified irreversible environmental damage and disproportionate economic benefits favouring the mining company.

Panamanian authorities have rejected the circulating claims and emphasized that only the finalized independent audit should be considered credible.

Officials maintain that the report’s conclusions will play a critical role in determining whether the mine can meet environmental compliance standards and potentially return to operation under revised terms.

The outcome is expected to have significant implications not only for First Quantum Minerals but also for Panama’s broader investment climate and the future of large-scale mining development across Latin America.