First Quantum's shuttered Cobre Panama mine has instructed its lawyers to start work to suspend arbitration against Panama, the company said in an internal memo on Friday.

First Quantum Minerals Ltd. was cleared to begin shipping out stockpiled copper in Panama, the latest sign authorities may be willing to negotiate a restart of the company’s giant shuttered mine.

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