Base metals miner First Quantum Minerals is planning a $327-million expansion at its new Cobre Panama mine, raising the throughput rate to 100-million tonnes a year by 2023, the Canada-headquartered company has revealed in an updated technical report for the Panama-based project.
The expansion of the project, which is in a ramp-up and commissioning phase, will increase the yearly throughput rate from 85-million tonnes to 100-million tonnes, starting in 2023.
The expanded throughput involves the earlier development of the adjacent Colina pit, the addition of a ninth mill, an expanded mining equipment fleet, additional conveyors, an inpit crusher and other infrastructure related to Colina access, First Quantum reported.
The expansion should increase average production levels to more than 375 000 t/y of contained copper after year five, when the processing would be at the 100-million-tonne-a-year throughput rate.
“This expansion significantly improves the overall project economics,” the company stated.
The Cobre project is expected to produce 150 000 t of copper this year, between 270 000 t and 300 000 t in 2020 and between 330 000 t and 350 000 t in 2021, its first full year of ramped-up production.