This article analyzes the contribution of open-pit metallic mining to Panama’s economic growth during the period 2019–2023, with a focus on the Cobre Panamá project. From an ecological economics perspective, wich questions the validity of growth measured through Gross Domestic Product (GDP), as this indicator does not account for natural capital depreciation or socio-environmental externalities. Methodologically, the study adopts a mixed-method case study approach based on secondary data sources, including financial reports, national statistics, and environmental indicators. The findings show that, although mining reached up to 4.13% of GDP, its effective contribution to national income was limited due to profit repatriation, weak fiscal capture, and the absence of strong domestic productive linkages. At the same time, significant environmental impacts — such as deforestation and pressure on water resources—as well as social conflicts were identified. The study concludes that mining-driven growth represents an unsustainable form of economic expansion, characterized by cost externalization and the depletion of natural capital.
