news Cobre Panam Update
Cobre Panam currently remains in a phase of Preservation and Safe Management (“P&SM”) with production halted. Approximately 1,300 workers remain on site and further workforce reductions may occur depending on the timing of the P&SM program that would permit the shipment of 121 thousand dry metric tonnes of copper concentrate that remains on site. Implementation of the P&SM program continues to await approval from the Panamanian authorities.
On January 6, 2025, Panama’s Ministry of Environment (“MiAMBIENTE”) released the Terms of Reference for an Environmental Audit of the Cobre Panam mine, which will be conducted by international experts to provide updated information on the status of the site and support the Government of Panama’s decision-making about the future of the mine. The Terms of Reference for the Environmental Audit will be submitted to a public consultation process, with a public comment period expected to conclude February 7, 2025.
On January 12, 2025, the Minister of Environment and the Minister of Security conducted a site visit of Cobre Panam. During the visit, the ministers were given a tour of the mine site, highlighting the P&SM plan that is designed to ensure site stability, protect the assets of the mine and ensure the well-being of the workforce, communities and the environment. The visit also enabled the ministers to inspect 7,960 tons of ammonium nitrate stored at the mine’s Punta Rincn port. The Minister of Environment has subsequently stated that the material should be exported.