The plan takes into account the "abrupt and unusual" cessation of operations before the end of the mine's useful life, it said in a statement, noting that the plan will be updated as conditions evolve.
First Quantum is dealing with the fallout of the Panamanian government's decision in December to halt production at the mine following public protests, which accounted for more than 40% of the company's annual revenue and is considered one of the biggest and newest copper mines in the world.
The month before, the country's Supreme Court ruled First Quantum's contract to operate in Panama was unconstitutional.
Since the blow to its revenue, First Quantum has been looking at ways to shore up its finances. The company has said it is exploring sale of smaller mines and looking to bring strategic equity partners for its large mines.
First Quantum said on Wednesday the preservation plan at the mine in Panama entailed costs estimated at "tens of millions of dollars a month."
(Reporting by Elida Moreno; Editing by Brendan O'Boyle)
