July 16th, 2024

Cost of managing suspended Cobre Panama mine $15-$20M per month: First Quantum

By The Canadian Press on January 15, 2024.

TORONTO – First Quantum Minerals says the cost of preserving and managing its suspended Cobre Panamacopper mine is expected to range between $15 million and $20 million per month.

The Panama government is pursuing a plan to close the mine, which was suspended in November after Panama’s Supreme Court ruled that a 20-year concession agreement covering the copper mine was unconstitutional.

Toronto-based First Quantum provided an update on the mine in a Monday release covering 2023 preliminary production as well as guidance that excluded Cobre Panama.

The company says that in January it had discussions with the government related to the preservation and safe management program for the mine, as well as the associated funding for those costs.

First Quantum says that on Tuesday, it will deliver a preliminary draft for the first phase of the program.

It says around 1,400 workers remain onsite to manage the mine, but reductions to a headcount below 1,000 may follow.

This report by The Canadian Press was first published Jan. 15, 2024.

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