PANAMA CITY, May 30 (Reuters) - Panama has approved

First Quantum Minerals' ( FQVLF ) maintenance plan for its closed copper

mine in the country, but not a re-start of the site, a top trade

official said on Friday.

Trade and Industry Minister Julio Molto said the plan

included environmental safety measures that were necessary

following the abrupt shut-down by government order under the

prior administration in late 2023.

"The mine is not being reopened. We're authorizing the

implementation of the care and safe management plan to ensure it

is environmentally protected," Molto told a press conference.

He said First Quantum would carry out the plan,

but did not specify the cost or how long it was expected to

take.

Molto noted that government officials working with the

Environment Ministry would monitor the process, aiming to ensure

that stockpiled copper could eventually be shipped.

He said that experts estimate that process could take

three to six months, accounting for environmental measures.

"Supervision will be carried out to ensure that this

material can be extracted and processed in the best possible way

so that it can then be exported," Molto said.

Canadian First Quantum in March said it would

suspend arbitration

proceedings over the mine, aiming to restart talks with the

Panama government over the future of the site.

The closure of the Cobre Panama mine, which had

contributed 1% to global copper production, has impacted both

Panama's and the company's financial prospects.