08:57 AM EDT, 03/14/2025 (MT Newswires) -- First Quantum Minerals Ltd. ( FQVLF ) was cleared to begin shipping out stockpiled copper in Panama, the latest sign authorities may be willing to negotiate a restart of the company's giant shuttered mine, Bloomberg News is reporting Friday.

It noted Panama's President Jose Raul Mulino said Thursday he has authorized the export of "ground material" from the Cobre Panama mine, referring to copper concentrate that the company has kept stockpiled at the site since it was ordered to close in 2023. He also said his government plans to start addressing the mine's closure and its path forward next week, "God willing."

Mulino's comments come as Vancouver-based First Quantum campaigns to resuscitate its flagship mine, which was ordered to close in December 2023 amid anti-mining protests. The $10 billion operation accounted for about 5% of the country's economy before its closure and generated about 40% of First Quantum's revenue.

"What comes next -- that's exactly what we are going to start to deal with," said Mulino in a press conference. "It's a broad, thorny topic. The issue of the mine must be handled with great responsibility and taking into consideration national interests and protecting and benefitting Panama."

Shares of First Quantum jumped more than 14% Thursday in Toronto.

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