First Quantum Starts Shipment of Stockpiled Copper from Stalled Panama Mine

SEATTLE (Scrap Monster): After its Cobre Panama copper mine halted, Quantum Minerals Ltd. started transporting its copper stockpiles. After the Panama Supreme Court ruled in November 2023 that the company's contract was unlawful, the mine had ceased operations.

On June 18, 2025, a bulk cargo called Lipsi left the company-owned private port of Punto Rincon with concentrates from the mine, according to Bloomberg data. The ship transporting the concentrate is headed to Aurubis AG's copper smelter in the EU, according to the people with knowledge of the situation.

The shipment comes after the Panamanian government approved the transfer of roughly 120,000 tons of copper concentrate inventory that had been left behind after the mine was closed due to a court ruling. Over the upcoming months, it is anticipated that the remaining stockpile will be delivered to offtake partners in South Korea and Japan. Copper smelters, who have been severely impacted by the concentrate scarcity, will receive some respite with the dispatch of the concentrate inventory.

According to First Quantum, the money raised from the sales will go toward maintaining the mine that has been idled. The business has been optimistic about the possibility of Cobre Panama's copper mine activities being resumed.

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