The initiative consists of building a tunnel that will connect Atacocha and Porvenir mines.

ACG had planned to buy a nickel mine and a copper mine from Appian Capital.

Earlier this month, some members of Panama's congress visited First Quantum's copper mine to resolve doubts over the contract.

Winners of the award demonstrate best practice in responsible production and contribute to the UN sustainable development goals.

US Energy Secretary Jennifer Granholm said the world is up against a dominant supplier of critical minerals willing to exploit its position for political gain.

Frustrations with bureaucracy that can take years to navigate were expressed at an event held in Arequipa.

"We have too many standards for the same ESG dimensions, leading to confusion and dissipated effort," Mike Henry said.

Bingham was designated a National Historic Landmark in 1966. A massive landslide occurred at the mine in 2013.