Analysis shows Cobre Panama copper mine could cost Panama billions

A new independent analysis, published in October 2026, says the Cobre Panamá copper mine could cost Panama more than it earns. Researchers calculated a possible net loss of USD 23.11 billion, after counting revenues, closure costs, and damage to the environment and human health. If the mine's tailings dam breaks, losses could reach USD 95.27 billion. Panama's Supreme Court ruled the mine unconstitutional in 2023, and it closed shortly after. More than 40,000 jobs disappeared, and the country lost around USD 3.5 billion in economic activity over the following two years. The mine had also supplied about 3% of the world's copper. Before closure, it held roughly 3.1 billion tonnes of copper reserves.