PANAMA CITY, May 9 (Reuters) - Panama's president-elect on Wednesday ruled out holding talks with Canadian miner First Quantum Minerals until it drops arbitration proceedings it has launched against the government over a controversial mine shutdown order.

President-elect Jose Raul Mulino spoke about his plans regarding the major copper mine, once responsible for some 5% of Panama's GDP and some 40% of First Quantum's revenue, in an interview with local news radio program 'Panama en Directo.'

The outgoing government of President Laurentino Cortizo had ordered the closure of Cobre Panama last year following a court ruling that voided the miner's operation contract, amid widespread national protests for more environmental safeguards and transparency. (Reporting by Valentine Hilaire; Editing by Sarah Morland)