First Quantum started shipping stockpiled copper from stalled mine in Panama

As reported by Bloomberg, First Quantum Minerals has started shipping stockpiled copper from its Panama mine, nearly 19 months after operations were halted by a court order.

The bulk carrier Lipsi, with a capacity of around 35,000 tons, left First Quantum’s private Punta Rincon port on June 18 loaded with copper concentrate. According to the news agency and anonymous sources, the cargo is destined for European metals giant Aurubis. The remaining stockpiles are expected to be shipped to partners in Japan and South Korea in the coming months.

Panama’s government has authorized the export of 120,000 tons of copper concentrate stockpiled before First Quantum’s mining license was revoked in late 2023. Revenues from the sales will help sustain operations as the company negotiates a potential restart. Panamanian President Jose Raul Mulino acknowledged such a possibility, but cautioned that both sides are only at the early stages of what could be lengthy and complex talks.