PANAMA CITY, May 9 (Reuters) - Panama's president-elect

has ruled out talks with Canadian miner First Quantum Minerals ( FQVLF )

until it drops multiple arbitration proceedings it has launched

seeking billions of dollars in compensation from the government

over a mine shutdown order.

President-elect Jose Raul Mulino spoke about his plans for

the major copper mine, once responsible for some 5% of Panama's

economic activity and some 40% of First Quantum's revenue, in an

interview with local news radio program Panama en Directo on

Thursday.

"To consider talking about mining, those arbitrations need

to be suspended," Mulino said, stressing the government's

preeminent role in any mining project that operates in Panama's

territory.

"Don't forget that the owner of that concession is the

state," he said.

The president-elect noted that any solution for the

disputed mine will not involve a new concession contract, though

he signaled some flexibility to possibly allow the project to

temporarily reopen in an effort to reduce its ultimate closure

costs.

First Quantum did not immediately reply to a request for

comment on Mulino's remarks, though the miner said earlier this

week it is looking forward to talks with his administration to

find a solution to the disputed open pit Cobre Panama mine.

The outgoing government of President Laurentino Cortizo had

ordered the closure of Cobre Panama last year following a court

ruling that voided the miner's contract, amid widespread

national protests for more environmental safeguards and

transparency.