Aerial view of Cobre Panama mine in Donoso, province of Colon, 120 km west of Panama City, on December 06, 2022. The foreign-owned open-pit copper mine --the largest in Central America and which accounts for 75% of Panama's exports, risks closure if it does not renegotiate a new contract with the government to continue operating. (Photo by Luis ACOSTA / AFP)
Panama has officially dispatched its second major Cobre Panama copper shipment of 2026, delivering 38,000 metric tons of mineral concentrate directly to India. This trade milestone follows an earlier copper concentrate export of 33,000 tons sent to Spain and Bulgaria in late August.
Minister of Commerce and Industries Julio Moltó confirmed that Executive Decree No. 5 authorized Minera Panama to process, transport, and commercialize the pre-extracted stockpiles. However, government officials emphasized that this decision does not permit new mining extraction at the open-pit facility.
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| COBRE PANAMA STOCKPILED ORE PROCESSING |
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| [ Extracted Prior to Suspension ] --> Total: 37.9 Million Tons |
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| [ Processed & Exported (16%) ] --> 6.3 Million Tons |
| [ Remaining to Process (84%) ] --> 31.6 Million Tons (~13 Months) |
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[ 2026 SHIPMENTS AUTHORIZED TO DATE ]
1. Aug 2026: 33,000 Tons (Spain & Bulgaria)
2. Sep 2026: 38,000 Tons (India)
Processing Stockpiled Ore at the First Quantum Panama Mine
Following the 2023 Supreme Court ruling that declared the concession contract unconstitutional, commercial extraction remains fully suspended. Nevertheless, millions of tons of mined rock remained on-site, requiring active environmental management.
To address these environmental risks, technicians initiated stockpiled ore processing to stabilize the material safely. So far, workers have successfully processed 6.3 million tons of rock, representing approximately 16% of the original stockpiles. Consequently, an estimated 31.6 million tons of material remain, which will require roughly 13 months to clear completely.
STOCKPILED ROCK ENVIRONMENTAL TRIAGE OVERSEAS DISPATCH
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| 37.9M Tons Mined | --> | 6.3M Tons Processed | --> | European Delivery |
| Prior to Closure | | (16% Total Progress) | | (Spain & Bulgaria) |
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| Indian Smelters |
| (38,000 Tons) |
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Safe Management Under the Panama Mining Preserve Plan
The government maintains that current operations fall strictly under the broader Panama mining preserve plan. Minister Moltó clarified before the Budget Commission that executing a Panamanian mine preservation protocol prevents environmental degradation and catastrophic site run-off.
“There is no active concession, but rather management within the safe preservation plan,” Moltó explained during public hearings. State agencies continue to monitor all operations closely while technical teams on-site execute the maintenance protocols.
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| PRESERVATION & EXPORT FLOW CHART |
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| Stockpiled rock stabilization and moisture monitoring at mine site |
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[ Environmental Triage & Concentrator Processing ]
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[ Overseas Port Dispatch ] [ Financial Realization ]
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38,000 Tons to India Smelters State Revenue calculated via
(Following Spain/Bulgaria Delivery) Global Market Rates & Grade
Revenue Projections for Future Mineral Exports
Financial returns from every Cobre Panama copper shipment depend directly on global market price fluctuations, moisture percentages, and derived mineral values. During 2025, authorities authorized four separate shipments totaling 124,340 tons.
While a permanent decision regarding the long-term future of the First Quantum Panama mine remains under evaluation, current export authorizations ensure that existing environmental hazards are mitigated while recovering economic value for the country.
