First Quantum to ramp up output in Panama following royalty deal
HOUSTON – Canadian miner First Quantum Minerals will further ramp up copper and gold processing capacity and output in Panama, the company said on Wednesday, following a deal on royalties struck with the government in January.
First Quantum's Cobre Panama project has a current throughput of 85-million tonnes a year and is on track to reach up to 90-million tonnes this year and 100-tonnes a year by the end of 2023, the company said on a post-earnings call.
An expansion project, which has needed permits, includes an additional ball mill to be completed in the first quarter of 2023.
Cobre Panama, which is 90% owned by First Quantum, last year more than doubled its production to 331 000 t of copper and 142 000 oz of gold, from 147 000 t of copper and 60 000 oz of gold during the first year of commercial operations in 2019.
Production in Panama this year could reach 360 000 t of copper and 150 000 oz of gold, the company said. In 2024, output would increase to 370 000 t to 400 000 t of copper and up to 170 000 oz of gold.
The Panama operation is expected to contribute over 40% of the company's total copper and gold output globally this year.
First Quantum on Tuesday reported $2.89-billion in cash flows from its operating activities in 2021 and full-year production of 816 435 t of copper, the highest in its history.
The expansion of the Panamanian mine, located near the port of Colon, will be supported by hydroelectric power. It has a letter of intent to add between 60 MW to 80 MW of power from the Panamanian grid, the firm said in a release on Tuesday.
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