Currently viewing Global edition

First Quantum plans US$327M Cobre Panama expansion

First Quantum Minerals is planning a US$327M expansion at its new Cobre Panama copper mine in Panama to increase production to over 375,000 tonnes per annum of copper.
First Quantum plans US$327M Cobre Panama expansion First Quantum plans US$327M Cobre Panama expansion First Quantum plans US$327M Cobre Panama expansion First Quantum plans US$327M Cobre Panama expansion First Quantum plans US$327M Cobre Panama expansion

Cobre Panama in Panama

Staff Reporter

An updated technical report said the company planned to expand the project from 85 million tonnes per year to 100Mtpy from 2023. The expanded throughput involves the earlier development of the adjacent Colina pit, the addition of a ninth mill, an expanded mining equipment fleet, additional conveyors, an inpit crusher and other infrastructure related to Colina access. 

Having processed its first ore in February the company aims to produce 150,000t of copper in concentrate by year-end. 

Shares in First Quantum (TSX:FM) opened up over 2% at C$15.11 Friday, valuing the company at $10.1 billion. Its share price has increased about 43% so far this year.