First Quantum: Final Hearing on Cobre Panama Moved to 2026

The rescheduling of the arbitration process to 2026 prolongs the uncertainty surrounding Cobre Panama and its possible reactivation.

Canadian mining company First Quantum Minerals announced on Tuesday that the final hearing in the international arbitration process concerning the Cobre Panama mine has been rescheduled to February 2026. Initially, the hearing was set for September 2024, but the change follows a request from the Panamanian government.

Closure of Cobre Panama and Reasons for the Postponement

Cobre Panama, one of the world's leading copper sources, ceased operations in November 2023. The closure occurred hours after Panama’s Supreme Court declared the company's contract with the government unconstitutional. In addition to the court ruling, the project faced strong social opposition due to environmental concerns and widespread protests.

The postponement of the hearing is due to a request from the Panamanian government to the arbitration panel of the International Chamber of Commerce. The petition is based on two factors: the recent replacement of an external legal advisor and the need for the new government to assess the situation before proceeding with the case.

Impact on the Mining Industry and Workers

The suspension of Cobre Panama has had a significant impact on Panama’s economy and the mining industry. In 2023, First Quantum implemented a voluntary retirement program for workers affected by the uncertainty surrounding the operation’s potential restart. Despite the suspension of activities, the company has maintained its intention to continue arbitration to defend its contractual rights.

The delay in the final hearing extends the period of uncertainty regarding the mine’s future and its economic impact. Meanwhile, the Panamanian government and the company continue to evaluate alternatives to resolve the dispute and determine the fate of one of the region’s most significant mining projects.