Mulino announced in July last year he would order a “strict audit” of the $10 billion mine, which was shuttered in 2023 after Panama’s Supreme Court deemed that its operating contract was unconstitutional.
He has criticized his predecessor for failing to resolve the issue and committed to tackling it with what he described as “credibility and national acceptance.”
The closure of Cobre Panama marked a turning point for a mine that once contributed nearly 5% of Panama’s GDP and accounted for 75% of its exports.
Experts estimate the economic impact of the closure could result in losses of $18 billion over the next 10 years. First Quantum also initiated two arbitration cases seeking damages from Panama.
The primary objective of the audit is to evaluate the possibility of a temporary reopening of Cobre Panama while ensuring a safe and environmentally responsible final closure….
