PANAMA – First Quantum Minerals has filed an amended 43-101 for its Cobre Panama copper project in Colón Province. Small clarifications were added, but the basic outline remains the same.
The project is expected to cost more than US$6.4 billion (all currency in US dollars). Pre-stripping is to being shortly with processing to begin in July 2017. The pits will produce 3.18 billion tonnes of saprock, high grade and low grade ores, plus 3.28 billion tonnes of waste. Average head grades will be 0.42% Cu for the first 20 years of operation and 0.32% Cu for the remaining 20 years of anticipated project life.
Cobre Panama is targeted to produce an annual average of 328,000 tonnes of copper for 20 years, followed by 228,000 t/y for another 20. Average by-production produce will be 2,570 tonnes of molybdenum, 97,000 oz of gold, and 1.47 million oz of silver.
The project is not short of resources. It has a measured and indicated category in seven pits totalling 3.70 billion measured and indicated tonnes at 0.37% Cu and 1.05 billion inferred tonnes at 0.26% Cu.
First Quantum adjusted its metal cost estimates this year (including royalties), and the cost of producing 1.0 lb of copper will be $0.323. Molybdenum costs will be $1.85 per lb, gold costs will be $45.82 per oz, and silver costs will be $$0.82 per oz.
The June 30, 2015, Cobre Panama 43-101 report is available on SEDAR.com.