TORONTO – Shares in First Quantum Minerals Ltd. fell more than 30 per cent after a Panamanian government commission recommended the orderly closure of the company’s Cobre Panama copper mine.
The report suggests allowing operations to temporarily restart to fund the controlled shut down of the mine.
It also recommends the government resolve all arbitration claims filed by the company.
First Quantum stopped operations at the mine in 2023 after Panama’s Supreme Court ruled that a 20-year contract allowing for its operation was unconstitutional.
The mine had been the focus of ongoing blockades and widespread protest by nationalists and environmentalists concerned about its impact in a delicate jungle ecosystem.
First Quantum shares were halted after falling $14.02 to $31.10 on the Toronto Stock Exchange. They were due to resume trading at 2:30 p.m. EDT.
In a statement, the mining company said it would engage constructively and in good faith toward establishing a legal framework for Cobre Panama that is fair, transparent, durable and aligned with Panamanian laws.
This report by The Canadian Press was first published Sept. 30, 2026.
Companies in this story: (TSX:FM)
