PANAMA CITY, April 7 (Reuters) – Panama’s trade ministry has issued a resolution allowing First Quantum Minerals to remove material from its shuttered Cobre Panama mine out of the country.
The ministry said in a statement this resolution aims to prevent environmental risks and protect the health of nearby communities.
Under the terms of the resolution, the company’s local unit, Minera Panama, is authorized to process and transport the stockpiled material under strict state supervision.
The ministry added that the measure is a preventive safety action and does not signify a formal reactivation of the mine’s standard operations.
However, analysts at Goldman Sachs view the decision and an upcoming independent environmental audit, due in mid-April, as potential steps toward a broader discussion regarding the future of the mine.
The Cobre Panama mine, one of the world’s largest open-pit copper deposits, was shuttered in 2023 following protests from local residents over tax contributions and its environmental impact.
(Reporting by Elida Moreno; Additional reporting by Divya Rajagopal, Writing by Natalia Siniawski, Editing by Sarah Morland and Brendan O’Boyle)
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