Panama to authorize First Quantum to remove ore from closed copper mine

PANAMA CITY, April 6 (Reuters) - Panama's government aims to finalize a resolution by Tuesday authorizing the removal of material from First Quantum Minerals' shuttered copper mine known as Cobre Panama, the country's trade minister Julio Molto said on Monday.

"We are ready to take the step," Molto said at an event. "Between today and tomorrow within the Ministry of Commerce and Industries we should be generating the resolution that allows the company to start removing this material to be able to take it out of the country."

First Quantum has previously said the mine holds about 38 million metric tons of stockpiled ore, which would generate about 70,000 tons of copper.

The Canadian miner has said processing could start about three months after the government formally authorizes the removal, and take about a year to complete.

President Jose Raul Mulino announced in January that the government planned to allow the removal of stockpiled ore at Cobre Panama.

First Quantum did not immediately reply to a request for comment about Molto's remarks.

The Cobre Panama mine, one of the world's largest open-pit copper deposits, was closed in 2023 following protests from local residents over tax contributions and environmental impacts.