Cobre Panama copper project, Panama – update
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
Cobre Panama is making good progress following last year’s Covid-19-related production interruptions, Canadian miner First Quantum has reported.
The mine produced 81 868 t of copper and 36 290 oz of gold in the second quarter, a respective near-record and record performance for the operation.
First Quantum has increased its Cobre Panama’s guidance range to between 310 000 t and 335 000 t, compared with its previous target of 300 000 t to 330 000 t, and has added about 5 000 oz to the gold guidance, to between 125 000 oz and 135 000 oz.
Key Contracts, Suppliers and Consultants
None 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.
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