First Quantum Awaits Panama Authorities' Guidance on Next Steps for Cobre Panama Copper Project

02:41 PM EDT, 09/30/2026 (MT Newswires) -- First Quantum Minerals (FM.TO) on Wednesday said it was awaiting guidance from the Panama government on the next steps following recommendations made today by the Ministerial Commission on the Cobre Panama copper project. The commission's top recommendation is for First Quantum to restart the mine in order to "achieve an orderly closure, at no cost to the Nation and with no possibility of extension, while giving absolute priority to the Nation's environmental, social and economic interests, ensuring full transparency," according to First Quantum's release. The company should also "assess the feasibility of a new agreement that would allow the pending international arbitrations to be brought to an end", the statement said. First Quantum said it would engage "constructively and in good faith" to establish a legal framework for Cobre Panama. The Cobre Panama project, with three-billion tonnes of proven and probable mineral reserves, has been put on care and maintenance since November 2023, after its operating contract was found to be unconstitutional by Panama's Supreme Court. The decision also followed weeks of nationwide protests. First Quantum shares were last seen down CA$4.18 at CA$40.94 on the Toronto Stock Exchange. Price: 31.10, Change: -14.02, Percent Change: -31.07