First Quantum Minerals (TSX:FM) says the law governing the mining concession for its Cobre Panama copper mine was passed and published in the Official Gazette of Panama on Oct. 20, 2023. Thus ends a period of uncertainty that began earlier this year for the company.
The new contract guarantees a minimum annual income of US$375 million to the government and will be effective for 20 years. An option to renew is included.
The Cobre Panama mine began commercial production in 2019. At full capacity it can process 85 million tonnes of ore annually and produce more than 300,000 tonnes (661.4 million lb.) of copper each year. Gold, silver, and molybdenum are also recovered. Currently, the complex includes two open pit mines, a processing plant, two 150-MW power stations, and a port.
First Quantum recently finished commissioning the CP100 expansion, which will take mill throughput to 100 million tonnes annually by the end of this year. Annual output will also rise to over 400,000 tonnes (881.8 million lb.) of copper. The expansion included new primary screens, bypass bins, and bypass feeders; the addition of a sixth ball mill; and process water upgrades.
An additional 64 MW of power has been added from 100% renewable sources.
Visit www.First-Quantum.com for more details on Cobre Panama and the company’s other projects.