Panama clears First Quantum to ship stockpiled copper from mine
First Quantum Minerals was cleared to begin shipping out stockpiled copper in Panama, the latest sign authorities may be willing to negotiate a restart of the stalled mine.
Panama’s President Jose Raul Mulino said Thursday he has authorized the export of “ground material", referring to copper concentrate that the mining company has kept stockpiled at its shuttered Cobre Panama mine in the country.
“I authorized that they take out the material that is grounded there. It is being wasted and Panama has invested a barbarity of money into it,” said Mulino, adding that First Quantum has to “reimburse Panama” once the material is processed outside the country.
Shares of First Quantum jumped as much as 8.7% Thursday in Toronto.
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