Panamanian President Raúl Mulino said he would review the mine's future more broadly next week.

Panama has authorized First Quantum to sell copper concentrate stored at the Cobre Panama mine, which ceased operations in November 2023, President José Raúl Mulino said Thursday, boosting the Canadian miner's shares by 15% to a two-month high on the Toronto Stock Exchange.

Mulino also ordered the restart of a power plant needed to operate the port of Punta Rincón, located about 17 miles (27 kilometers) north of the mine, which will be used to help export the mine's production.

The Panamanian government, under Mulino's predecessor, ordered First Quantum to close the Cobre Panamá open-pit mine by the end of 2023 following protests over alleged environmental concerns. The move raised questions about the sustainability of the massive deposit and the 120,000 metric tons of copper concentrate stored there.

Before its closure, the mine was one of the world's largest sources of copper, accounting for 1% of global production.

Mulino said at a weekly press conference that he had authorized the removal of copper products stranded at the mine, arguing that they were being wasted and that Panama would have to be reimbursed once the products were processed outside the country.

The president said he would review the mine's future more broadly next week.

"The mine issue will be addressed with great responsibility and with the national interest in mind at all times," Mulino said. "We will begin 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 on exports.

"We welcome the statements made by the president... regarding the authorizations to export copper concentrate," First Quantum said in the statement.