Panama is considering the creation of a government-owned mining company that could partner with First Quantum Minerals (TSX: FM) as part of a potential path to reopening the shuttered Cobre Panama copper mine, The Northern Miner reported, citing a Wednesday Reuters report based on people familiar with the discussions.

According to the report, one proposal under discussion would involve a state mining company participating alongside First Quantum in a new operating structure for the mine. No final decision was reported, and the discussions were described as ongoing.

Cobre Panama, one of the country's largest mining assets and a globally significant copper producer before its closure, has been halted since Panama ordered the suspension of operations following a legal and political dispute over the mine's operating contract. The shutdown followed widespread public protests and a 2023 ruling by Panama's Supreme Court that declared unconstitutional a law underpinning a refreshed concession agreement between the government and First Quantum. The mine had been a major contributor to Panama's economy and government revenue prior to closure.

First Quantum has maintained its interest in resolving the situation surrounding the project.

The Northern Miner article was published on July 23, 2026, and referenced Reuters as the source for the reported discussions.