First Quantum discontinues Cobre Panama arbitration proceedings

TORONTO — First Quantum Minerals Ltd. says it has agreed to discontinue arbitration proceedings it launched before the International Chamber of Commerce’s International Court of Arbitration related to its Cobre Panama mine.

The company has also agreed to suspend arbitration under the Canada-Panama Free Trade Agreement.

The Toronto-based miner suspended production at the open-pit copper mine in Panama in 2023 following widespread protests and a court ruling that found the agreement with the government covering the mine was unconstitutional.

First Quantum says the decision regarding the arbitration proceedings came after talks with the Government of Panama’s legal counsel.

The company says it remains committed to dialogue with the government and to being part of a solution for the country and the Panamanian people.

First Quantum was seeking at least US$20 billion through international arbitration after the government effectively shut down the copper mine.

This report by The Canadian Press was first published April 1, 2025.

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The Canadian Press