First Quantum Minerals Ltd. told its lawyers to suspend its arbitration cases against Panama, paving the way for renewed negotiations with the Central American government over the company’s shuttered copper mine.

First Quantum’s Cobre Panama mine has initiated steps to suspend arbitration proceedings against Panama, reported Reuters. Panama’s Commerce Ministry stipulated that negotiations with the miner could only proceed if the arbitration case was suspended.

Panama government will allow the export of 120,000 metric tons of copper concentrate that has been stuck in the shuttered mine for over two years and allow restart of the power plant used to run the mine.

Panama has authorized the sale of copper concentrate from First Quantum Minerals shuttered Cobre Panama mine, President Jose Raul Mulino announced, boosting the Canadian miners shares by 15% on the Toronto Stock

President Mulino highlighted the need to remove stranded copper products from the mine, stating that Panama should be reimbursed once the products are processed abroad. He plans t