https://www.engineeringnews.co.za
Building|Construction|Copper|Mining|PROJECT|Projects|Safety|Maintenance|Environmental
Building|Construction|Copper|Mining|PROJECT|Projects|Safety|Maintenance|Environmental
building|construction|copper|mining|project|projects|safety|maintenance|environmental

First Quantum seeks to speed up Peru projects after Panama debacle

23rd May 2024

By: Reuters

  

Font size: - +

LIMA - Canadian miner First Quantum Minerals, which lost the right to operate its copper mine in Panama last year following protests by environmental groups and a court ruling deeming its contract void, is seeking to speed its copper projects in Peru, a company executive said on Wednesday.

One of the three largest global copper producers, First Quantum in Peru controls the La Granja project, worth at least $2.5-billion, and the $1.86-billion Haquira project.

"These are projects that need to be accelerated," said the mining company's project development director, Steven Lewis, during a speech at a mining forum in Lima.

La Granja, where fellow miner Rio Tinto is a minority partner, is a project with a 40-year lifespan and forecast output of 500 000 metric tons per year, according to government data. First Quantum's Lewis said it has one of the largest undeveloped copper deposits in the world.

Meanwhile, the Haquira project, fully owned by First Quantum in the Apurimac region, is in the "pre-feasibility" stage. It could reach an annual output of 200 000 tons once at full capacity.

"We are very busy building more positive relationships with the communities (in Haquira) to allow it to come to light," said Lewis, who did not offer a time frame for the construction of both mines in the South American country.

The company shifted focus toward Peru after Panama's government decided last year to annul First Quantum's contract to operate the Cobre Panama mine there, which accounted for about 40% of First Quantum's revenue last year.

"We are now working with Panama's government to ensure the environmental stability (of the project), the integrity of the copper assets, and, most importantly, the safety of our employees," Lewis said.

Panama's outgoing government of President Laurentino Cortizo ordered the closure of the mine, which is currently in maintenance mode while the formal closure process starts.

The incoming administration of President-elect Jose Raul Mulino, who is set to take office on July 1, will be tasked with setting guidelines for the process.

Edited by Reuters

Comments

Showroom

Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 
Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine image
Magazine round up | 12 July 2024
12th July 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.323 0.38s - 194pq - 2rq
Subscribe Now