Cobre Panama opens door to public in bid to draw support for restart

First Quantum Minerals (TSX: FM) officially opened Cobre Panama to visitors on Monday as part of the Canadian miner’s efforts to gain public support for a restart of the $10 billion copper mine more than a year after it was shut.

In a press release, Cobre Panama said the Mine Visit program would grant the public access to the operational core of one of Latin America’s most modern copper mines.

Guided by Panamanian engineers and miners, the tour offers a firsthand experience from the Botija pit to the 300 MW power plant, the international port, and the tailings management facility. Each stop showcases how the mine operated before the halt, and how current activities are being carried out under the preservation and safe management plan.

“This is a true transparency experience. We’re showing how modern mining worked from the inside, so Panamanians can see it with their own eyes,” Maru Galvez, public relations manager at Cobre Panama, said in a statement.

Cobre Panama said it launched this initiative after receiving positive feedback from public dialogues, in which many expressed interest in visiting the mine. According to its surveys, about 58% of Panamanians wish to visit the mine site to verify the information shared in media.

The tour encourages listening, asking questions, and verifying facts directly with Panamanian experts where every question is welcome, the company said.

Shares of First Quantum traded 1.4% higher by midday to C$22.78, about C$0.50 off its 52-week high. The Vancouver-based miner has a market capitalization of C$18.9 billion.

Campaign for public support

The Mine Visit initiative is part of First Quantum’s ongoing campaign to draw public support for the key copper mine that was closed in December 2023 following civilian protests over environmental concerns.

“In order to get an operational license we need to have a social license,” Galvez previously said, referencing the need to engage with Panamanians to address their previous concerns.

In March 2024, First Quantum said it signed up about 1,000 visitors to Cobre Panama, hoping that a tour of the open pit and processing facilities would help showcase the mine’s merits to the country. Prior to its shutdown, Cobre Panama accounted for about 5% of Panama’s GDP and 1.5% of the world’s copper.

Panama, having elected a new president in Jose Raul Mulino since the mine’s closure, has signalled its intention to discuss the mine’s future, but only if First Quantum drops its arbitration against the country.