PANAMA CITY, March 13 (Reuters) -

Panama's President Jose Raul Mulino will next week begin a

review of a shuttered copper mine belonging to Canada's First

Quantum Minerals ( FQVLF ) and ordered the restart of a power plant needed

to operate a nearby port, he told reporters on Thursday.

The port has been used to export the mine's production.

Panama's government under Mulino's predecessor ordered First

Quantum to shut down the open-pit mine in late 2023 following

protests, leading to questions surrounding maintenance of the

massive mine, Cobre Panama, and 120,000 metric tons of

stockpiled copper concentrate.

First Quantum shares rose more than 8% following

Mulino's comments.

Before it was ordered shut, the mine was one of the

world's top sources of copper, accounting for 1% of global

output of the red metal.

Mulino added that he had authorized removing stranded

copper products from the mine, arguing it is being "wasted" and

that Panama would need to be reimbursed once it is processed

outside of the country.

The power plant would be turned on to facilitate exports

from the port, he said at a weekly press conference.

Mulino was referring to the Punta Rincon port, located

about 17 miles (27 km) north of the mine.

The president added that he would review the future of

the mine more broadly as soon as next week.

"The issue of the mine will be approached with great

responsibility and taking into account at all times the national

interest," Mulino said. "We'll start as of next week."

In a statement issued after Mulino spoke, First Quantum

expressed satisfaction with the president's decision to restart

the power plant as well as his comments about exports.

"We welcome the statements made by the president...

regarding the authorizations to export copper concentrate,"

according to the statement.