July 24 (Reuters) - First Quantum CEO Tristan

Pascall said on Wednesday that he did not see Panama's Cobre

Panama copper mine re-opening this year.

The Cobre Panama mine is not in production since November

last year when the Panama government ordered the mine shutdown

due to public protests over environmental issues.

However Panama's newly elected President Jose Raul Mulino,

who took charge this month, indicated a possibility of re

opening the mine for its safe closure.

"We are open and committed to a dialogue with the new

administration in putting together a framework around which we

can have those conversations," Pascall said. "The timing of

which, we don't see happening this year as there (are) number of

complexities around it," he added.

The Cobre Panama mine contributed to 40% of First Quantum's

revenue and since the closure it has forced the company to carry

a series of capital restructuring measures to cut its ballooning

debt, including a pre-pay copper arrangement with its largest

shareholder Jiangxi Copper Co

On Tuesday, the company announced a shareholders rights

agreement Jiangxi Copper Co where the Chinese state

miner will not accumulate shares in the company or sell them in

block while the three-year shareholders rights agreement is in

effect.

Shares of First Quantum were trading up by 4% at the Toronto

Stock Exchange at 10:38 a.m. ET (1438 GMT), on Wednesday.