https://www.miningweekly.com
Copper|Health|Resources|SECURITY|Operations
Copper|Health|Resources|SECURITY|Operations
copper|health|resources|security|operations

First Quantum to sell 120 000 t of copper in Panama mine

30th January 2024

By: Reuters

  

Font size: - +

TORONTO - Canadian miner First Quantum Minerals said on Monday it intends to sell the 120 000 t of copper concentrate stored near the Punta Rincon port.

First Quantum's Panama unit said in a statement that due to the lack of options available to finance the essential activities of preservation and safe operations, selling the copper concentrate is the best alternative to generate resources to cover the costs.

In December, the Panama government ordered the shutdown of First Quantum's Cobre Panama mine after protests erupted across the country against the mine. Since then, the company has been asking the Panama government to allow it safe closure of the mine.

The company estimates the cost to finance essential activities of preservation at $15-million to $20-million per month.

"The removal of this material is necessary to avoid possible security and health issues. The company has explained these risks to Panama's trade ministry and invited them to monitor the process," Cobre Panama, the Panama subsidiary of First Quantum, said in a statement.

Shares of First Quantum were down 0.6% at C$12.63 in Toronto late on Monday afternoon.

The Panama government did not immediately respond to a request for comment.

Edited by Reuters

Comments

Latest News

FACTBOX: Top deals in the global mining sector
FACTBOX: Top deals in the global mining sector
26th April 2024 By: Reuters
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Showroom

SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
26th April 2024
Magazine cover image
Magazine round up | 26 April 2024
26th April 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:0.229 0.268s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: