Panama is studying a state-owned mining company that could partner with First Quantum Minerals and provide a legal structure for reopening Cobre Panama, a copper mine closed since 2023 after a constitutional ruling.
The Canadian miner reported adjusted earnings well above market expectations after copper prices rose sharply and production increased, reinforcing investor focus on critical minerals and the company's pending combination with Anglo American.
Oil prices surged past $90 per barrel after Yemen's Houthi rebels declared a maritime blockade on Saudi vessels, threatening Red Sea exports. Brent crude rose 1.8% to $90.85, while WTI gained 1.8% to $83.97. Saudi Arabia has increased Yanbu exports to 4 million b/d, with 2.5 million b/d at risk from Houthi action.
