06:55 AM EDT, 07/19/2024 (MT Newswires) -- Panama's government says it will engage with First Quantum Minerals Ltd. ( FQVLF ) in the coming months to discuss the environmental impact of its shuttered copper mine, Bloomberg News reported in a story with a July 18 dateline.

It noted Panama's new president, who took office earlier this month, has said that the mine may need to be temporarily reopened in order to responsibly prepare for a permanent closure. The Central American government is focusing on more pressing priorities for now, but will have discussions with First Quantum in due course, Foreign Affairs Minister Javier Martinez-Acha Vasquez said Wednesday.

"From the environmental standpoint, it has to be dealt with in the coming months," Martinez-Acha Vasquez said in an interview at a Council of the Americas event in Washington. "I can't say how many months, but we will be responsible and hold a dialogue with the Canadians."

The report noted that First Quantum's US$10-billion mine was abruptly shuttered last year after Panama's Supreme Court ruled that its operating contract was unconstitutional. Panama President Jose Raul Mulino has ordered an environmental audit of the mine to help determine whether the facility can be reopened temporarily.

"Whatever the decision, in order to close it, it has to be opened and operated for environmental reasons," Martinez-Acha Vasquez said. "You can't leave an open-pit mine in those conditions. We are a responsible country and we will talk with the Canadian investors when the time comes."

Vancouver-based First Quantum declined to comment.

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