https://www.miningweekly.com
Construction|Copper|Export|Gold|Operations
Construction|Copper|Export|Gold|Operations
construction|copper|export|gold|operations

First Quantum resumes operations at Panama mine, Franco-Nevada says

16th March 2023

By: Reuters

  

Font size: - +

First Quantum Minerals, the operator of the Cobre Panama mine, has resumed operations to normal levels at the mine, gold-focused royalty and streaming company Franco-Nevada said on Wednesday.

Franco-Nevada has contributed a total of $1.36-billion to the construction of Cobre Panama and the mine accounted for 18% of the company's revenue in 2021. Copper miner First Quantum owns a 90% interest in the mine through its unit Minera Panama, S.A (MPSA).

First Quantum had suspended ore processing operations at the mine on February 23 after a Panama government order halted its loading permissions at the port, limiting its capacity to store copper.

Last week, the government and the miner agreed on the final text for a contract to operate the key copper mine.

The new contract guarantees a minimum annual income of $375-million to the Central American government, and will be effective for 20 years with the option to renew it for 20 more.

On Tuesday, Panama's Maritime Authority lifted the suspension on First Quantum Minerals' operations at the port of Punta Rincon, which the Canadian company uses to export copper concentrate from the Cobre Panama mine.

Edited by Reuters

Comments

Showroom

Sandvik image
Sandvik Rock Processing Solutions

Sandvik Rock Processing Solutions is a leading supplier of equipment, tools, parts, service and solutions for processing rock and minerals in the...

VISIT SHOWROOM 
Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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:0.148 0.181s - 114pq - 2rq
Subscribe Now