Panama govt greenlights 38Mt stockpile movement from suspended First Quantum mine
The government of Panama has formally approved the removal, processing and export of stockpiled ore from First Quantum Minerals’ Cobre Panamá copper mine that was extracted prior to the suspension of operations.
The company awaited a final decision by the Ministry of Commerce and Industries, which Panama Trade Minister Julio Molto committed to announcing imminently.
The company has estimated the total stockpile to be about 38-million tonnes of mineralised ore at varying grades, containing about 70 000 t of recoverable copper.
First Quantum’s partner company, TSX-listed Franco-Nevada Corporation, says the processing of this material will result in deliveries to Franco-Nevada of about 23 000 oz of gold and 265 000 oz of silver.
The Cobre Panamá mine is a massive $15-billion openpit copper complex located 120 km west of Panama City, however, it has been on care and maintenance since late 2023 owing to public protests. Before closure, it produced 350 000 t/y of copper.
The Panama government’s approval of moving stockpile material from the mine out of the country marks a step in resolving the legal limbo surrounding the mine.
