"At a government institution level, we are discussing what we are going to do with the mine. It's a very, very complex topic. Have faith that, once social security is over, we are going to deal with the mine," Mulino told reporters, according to Bloomberg.

The Cobre Panama mine, which accounted for 5% of Panama's GDP and 1.5% of global copper production, was abruptly shut down in late 2023.

In October 2023, former President Laurentino Cortizo ratified a 40-year extension of the mine's operating contract, which included a minimum annual payment of $375 million.

However, the agreement sparked widespread protests, with critics arguing that it favored the company at the expense of environmental protections and national interests. Eventually, the country's Supreme Court ruled against the contract, deeming it unconstitutional and leading to a shutdown.

Since taking office in July 2024, Mulino has faced challenges—addressing the fallout from the mine's closure and dealing with a severe drought that disrupted operations at the Panama Canal. As the critical bottleneck of global trade, the Canal saw reduced traffic due to water shortages, further straining the country's finances.

Still, formal negotiations between the government and First Quantum have yet to start. Mulino has made it clear that any resolution must begin with the miner dropping its arbitration claims with the International Chamber of Commerce.

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