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. On Thursday, Panama's President said his government will allow the export of 120,

Cobre Panama, the local subsidiary of First Quantum Minerals Ltd, instructed its lawyers to meet with the government’s legal team and suspend its arbitration suits against Panama over the firm’s shuttered copper mine in the country.

Panama has authorised the export of copper concentrate from First Quantum's Cobre Panama mine, which has been shut for the past two years. The move boosted the Canadian miner's shares by 15% on the Toronto Stock Exchange (TSX),