https://www.engineeringnews.co.za
Coal|Copper|Mining|Power|Waste|Maintenance|Waste|Operations
Coal|Copper|Mining|Power|Waste|Maintenance|Waste|Operations
coal|copper|mining|power|waste-company|maintenance|waste|operations

First Quantum's Panama copper mine to go into maintenance this week

20th November 2023

By: Reuters

  

Font size: - +

TORONTO/LONDON - Canada's First Quantum Minerals will carry out maintenance at its Panama mine from November 23 due to coal supplies being blocked by protestors opposing the government's contract with one of the world's biggest and newest copper mines, two sources familiar with the discussions said on Monday.

This move would effectively suspend production at the Cobre Panama mine until coal supplies resume as the mine cannot operate without power, one of the sources said. The sources declined to be identified as the information is not public.

Protests have escalated since the government and First Quantum signed a new contract on October 20 for Cobre Panama, which contributes 1% to global copper production and 5% to Panama's gross domestic product.

A ship with supplies for the mine was unable to dock as local boats blocked off access to the key port, the company said on Friday.

An FQM spokesman declined to comment specifically on the Nov. 23 suspension.

“In terms of production we are talking about a temporary halt because of the illegal blockade. As soon as the port reopens, we will be able to ramp production back up quickly,” the company said in a statement to Reuters.

Earlier on Monday, First Quantum said it had further ramped down operations at Cobre Panama to one remaining ore processing train, adding that it expects to run out of supplies for the on-site power plant during the week commencing November 20.

"The focus will be to maintain the tailings pond 24/7," one of the sources said about the maintenance.

Tailings ponds are created to store waste generated from mining, which requires proper maintenance.

Panama's top court will hear the legality of the contract awarded to First Quantum from Nov, 24, the company said in the statement.

Copper prices hit a two-month high at $8 419 a metric ton while the company's stock fell as much as 5.7% after Reuters reported the mine suspension. By 12.10 p.m. ET (1710 GMT), the stock was down by 1%, trading at C$15.18.

The stock has fallen about 48% in 16 trading days after the Panama government said a referendum would be held to decide the future of the contract that it signed with First Quantum. The stock rout has wiped out about C$9.38-billion ($6.8-billion)from the company's market value.

Edited by Reuters

Comments

Showroom

Showroom image
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)

Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (04/10/2024)
4th October 2024 By: Martin Creamer
Magazine round up | 04 October 2024
Magazine round up | 04 October 2024
4th October 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:0.501 0.558s - 292pq - 2rq
Subscribe Now