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Or sign-in if you have an account.Aerial View of Canadian First Quantum Panama copper mine in Donoso, Panama on March 21, 2025. Panama's government on June 19, 2026, released the results of an audit supporting its plans to restart Central America's largest open-pit copper mine, closed since 2023 by court order. (Photo by MARTIN BERNETTI / AFP via Getty Images) Photo by MARTIN BERNETTI /AFP via Getty ImagesPanama moved closer to deciding whether First Quantum Minerals Ltd. can reopen a giant copper mine after receiving a long-awaited audit that found the project met most of its environmental, legal, fiscal and operational obligations.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe review, conducted by Swiss firm SGS SA, identified areas for improvement in administrative processes, biodiversity management and ecological restoration, according to a government statement Friday. But auditors said the shortcomings didn’t amount to structural failures that would undermine the overall findings.The independent review is a key milestone as Panama weighs the future of the sprawling mine that was central to both First Quantum and the local economy before it was closed in late 2023 amid mass protests. Since then, the Canadian company has spent about $16 million a month maintaining the site while seeking a path to restart.SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againFirst Quantum shares rose as much as 0.6 per cent Friday in Toronto after the report’s release, before retreating. The stock traded 0.2 per cent lower at $43.23 as of 12:51 p.m. local time.For Panama, the mine is both an economic opportunity and a political risk. It previously generated export revenue, jobs and government income, but also became a symbol of public concern over environmental oversight, sovereignty and the distribution of mining benefits. Public opposition appears to have eased, though protests have resurfaced ahead of the audit’s publication.The decision also matters well beyond Panama. Before it was shut, Cobre Panamá supplied about 1.5 per cent of the world’s mined copper. Its absence has tightened the concentrate market just as demand is rising from power grids, electric vehicles, data centres and renewable-energy infrastructure.A restart would not solve the industry’s supply problems, but it would offer meaningful relief. The mine could eventually return about 300,000 tons of annual copper output, though significant volumes are unlikely before 2027 given legal, regulatory, operational and political hurdles.The government created an inter-agency task force earlier this month to evaluate the mine’s legal, economic, technical and environmental implications. The audit is expected to guide that group’s recommendations and any broader decision on a full restart.The audit is intended to serve as a technical input for evaluating the mine’s future and does not constitute a decision on whether the operation should restart, the government said. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.