International news within the industry of mining and metal, Jun, 26 2019
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Canadian copper miner to invest $375M in Panama

Photo: First Qauantum Minerals
Photo: First Qauantum Minerals
Published by
Jaroslaw Adamowski - 04 Apr 2019

Canada’s First Quantum Minerals has an-nounced plans to invest about $375 million with the aim to expand its Cobre Panama copper project.

 

The company’s updated technical report for the Panama-based mine "incorporates updates with respect to ramp-up and commissioning of the current operation and provides detail on the expansion of the pro-ject from 85 million tonnes per year … to 100 Mtpa starting in 2023," First Quantum Minerals said in a statement. The project "is expected to increase average production levels to over 375,000 tonnes of con-tained copper per year after year 5".

 

Set up in 1983, the Canadian miner runs operations in Zambia, Mau-ritania, Spain, Finland, Australia, Turkey, and Panama. In 2017, the company reported production of 573,963 tonnes of copper, 199,736 oz of gold, and 17,837 tonnes of nickel, according to data released by First Quantum Minerals.