First Quantum reduces operations at Cobre Panama further as blockade continues

By The Canadian Press on November 20, 2023.

TORONTO – First Quantum Minerals Ltd. says it has reduced operations at its Cobre Panama copper mine further and warns if a blockade of small boats at the mine’s port continues it will have to temporarily halt production.

The company says it is down to one remaining ore processing train and that without shipments arriving at the mine’s port, it expects to run out of supplies for the on-site power plant later this week.

People in Panama have been protesting an operating agreement between the company and the government for the mine that has raised nationalist anger as well as environmentalist objections.

First Quantum says the blockade by the boats has affected the delivery of supplies for the mine’s on-site power generation plant, which is necessary for full operations.

It has also affected the loading of copper concentrate onto ships.

The company says if the blockade continues it will have to ramp down the remaining processing train this week and temporarily halt production.