First Quantum Panama copper stockpile moves toward processing under Mulino plan

First Quantum, Panama copper

First Quantum Panama copper stockpile processing could restart activity at Cobre Panama without reopening the mine. The company says it still awaits formal government approval. It also says stockpile work would not restart mining operations.

First Quantum Panama copper stockpile volumes reached about 38 million tonnes before the shutdown in late 2023. The company estimates the stockpile could yield about 70,000 tonnes of copper concentrate. It says processing could begin about three months after official notice.

Stockpile processing could ease near-term copper concentrate tightness

Stockpile processing could add incremental copper units to global concentrate flows. However, the volumes remain small versus annual mine supply. As a result, the market impact would be more regional than global.

Panama policy clarity will determine execution and timing. Meanwhile, any processing plan must manage logistics, permitting, and community scrutiny. Therefore, operators will likely prioritize predictability over speed.

First Quantum production outlook shifts as Zambia maintenance takes focus

First Quantum lowered 2026 copper guidance as it prepares maintenance at its Sentinel mine. The work includes thickener feed well upgrades and a new tailings pipeline. Increased ore hardness at Kansanshi also pressures throughput planning.

First Quantum reported 2025 copper production of 396,000 tonnes, down 8.1% year on year. Meanwhile, the company set 2026 guidance at 375,000 to 435,000 tonnes. Nickel output fell 4.1% to 23,200 tonnes after Ravensthorpe moved into care and maintenance.

The Metalnomist Commentary

This stockpile pathway offers a pragmatic compromise for Panama and First Quantum. However, it will not settle the long-term debate over Cobre Panama’s operating model. The real value lies in rebuilding trust through transparent, verifiable controls.