Name of the Project
Cobre Panama copper project.

Location
Panama.

Project Owner/s
First Quantum Minerals.

Project Description
The project will have an installed capacity of about 75-million tonnes a year for the first ten years.

Further expansion of up to 100-million tonnes a year is being considered.

Based on the current resource estimate and the planned installed capacity of 75-million tonnes a year, the project will produce an average of about 320 000 t/y of copper on a life-of-mine basis.

Cobre Panama is expected to have a mine life of 34 years.

Potential Job Creation
Not stated.

Net Present Value
Not stated.

Capital Expenditure
The project is estimated at $5.48-billion.

Planned Start/End Date
Commercial production was achieved in October 2019.

Latest Developments
The Cobre Panama mine has achieved commercial production – one month earlier than previously expected, Canadian miner First Quantum has reported.

The new copper mine achieved commercial production on September 1.

The mine is on track to produce between 140 000 oz and 175 000 oz this year. By the end of September, the mine produced 87 142 t of copper in concentrate, of which 19 438 t were deemed commercial.

The copper concentrator has three milling trains operational, comprising seven operating mills, and an eighth mill will be operational in the fourth quarter.

The mining company has said that throughput is expected to be running at an annualised rate of about 72-million tonnes a year by the end of 2019, increasing to 85-million tonnes a year during 2020 after the eighth mill is fully ramped up.

In 2023, throughput is expected to reach 100-million tonnes a year, through upgrades to the mobile fleet and equipment, resulting in copper production of more than 350 000 t/y. The company previously said that an expansion to 100-million tonnes a year would require a $327-million expansion.

Cobre Panama is expected to generate significant free cash flow over its 36-year mine life.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
First Quantum Minerals director: investor relations Sharon Loung, tel +1 647 346 3934 or email sharon.loung@fqml.com.