**First Quantum Minerals Resumes Copper Shipments from Panama Mine**
**Meta Description:** First Quantum Minerals has begun shipping copper concentrate from its halted Panama mine, 19 months after a court shutdown.
**URL Slug:** first-quantum-copper-shipments-panama
**Headline:** First Quantum Minerals Begins Copper Shipments from Stalled Panama Mine After 19-Month Hiatus
First Quantum Minerals Ltd. has initiated the shipment of stockpiled copper from its Cobre Panama mine, which has been inactive for 19 months following a shutdown ordered by the country’s highest court. The bulk carrier Lipsi set sail on June 18 from Punto Rincon, a private port owned by First Quantum, designated solely for exporting mined ores known as concentrate. This shipment is headed to European copper smelter Aurubis AG, as confirmed by sources familiar with the situation who requested anonymity due to the sensitive nature of the information.
The recent shipment follows the Panamanian government’s authorization for First Quantum to export approximately 120,000 tons of copper concentrate that had been stranded since late 2023, when the mine’s operating license was deemed unconstitutional. The revenue generated from these sales is intended to support the maintenance of the inactive mine while First Quantum continues to advocate for the resumption of its operations.
Panamanian President Jose Raul Mulino indicated earlier this month that discussions regarding a potential restart of the mine could commence, although he cautioned that significant negotiations remain ahead. Additional shipments from the remaining stockpile are expected to be sent to offtake partners in Japan and South Korea in the coming months.
First Quantum has not provided any comments regarding the shipments, and a spokesperson for Aurubis did not respond to requests for comment. The release of the Cobre Panama inventory is anticipated to alleviate some pressure on copper smelters, which have been grappling with a growing shortage of concentrate since the mine’s closure. Processing fees, a key indicator of copper ore availability, have plummeted to unprecedented lows, leading to shutdowns at smelters in the Philippines and Namibia, while others have reduced their output.
The unexpected closure of Cobre Panama, which at its peak contributed 1.5% to global copper production, has had a significant impact on the industry. This event marked a critical juncture during a time of increasing copper supply imbalance, exacerbated by the expansion of global smelting capacity.
**FAQ Section**
**Q: What led to the shutdown of the Cobre Panama mine?**
A: The Cobre Panama mine was shut down following a ruling by Panama’s top court that deemed its operating license unconstitutional, leading to a halt in operations for 19 months.
