Cobre mine, Panama

Cobre Panamá is a large open-pit copper mine in Panama. The concession is located 120 kilometres west of Panama City and 20 kilometres from the Caribbean Sea coast, in the district of Donoso, Colon province, in the Republic of Panama. The concession consists of four zones totalling 13,600 hectares. The main deposits are at Balboa, Botija, Colina and Valle Grande. With 3.1 billion tonnes of proven and probable reserves, Cobre Panama is one of the largest new copper mines opened globally since 2010. It is located next to the Petaquilla mine.[2]

Cobre Panamá
Location
LocationPA-3
Colón Province
CountryPanama
Production
ProductsCopper, Gold, Silver
History
Opened2019
Owner
CompanyFirst Quantum Minerals[1]
Websitewww.cobrepanama.com
Year of acquisition2013

This mine project was owned by Inmet Mining until 2013, when this company was taken over by First Quantum Minerals Ltd. (FQM).[3] Construction continued over the next six years until 2019. Cobre Panama represents a total US$6.2 billion investment, partly financed by deposits in the amount of US$1'356 million from Franco-Nevada against future deliveries of gold and silver produced by the mine.[4]

Commercial production started in June 2019.[5] At full current capacity, the plant will process 85Mtpa of ore to produce more than 300,000 tonnes of copper per year along with gold, silver and molybdenum. The operation has a 34-year mine life. The three 28 megawatt SAG mills and four 16.5 megawatt ball mills installed at Cobre Panama are the largest installed in the world up to the year 2020, except for the Sentinel mine in Zambia, also owned by First Quantum Minerals. The project is powered by a 300 megawatt power generation plant located at a new port built for this mining operation.

Ownership

As of 2017, First Quantum Minerals Ltd. has a 90 per cent equity interest in Minera Panamá, S.A. ("MPSA"),[6] the Panamanian company that holds the Cobre Panama concession. The remaining equity is owned by Korea Resources Corp. (KORES, 10%).[1]

References
  1. "Our Operations: Cobre Panama.". First Quantum Minerals Ltd. Retrieved 2021-01-23.
  2. Petaquilla claims court victory over Inmet in Panama. The Globe and Mail, 2013-02-13. Retrieved 2021-01-25.
  3. Pav Jordan: Cobre Panama beckons as First Quantum seals Inmet takeover. The Globe and Mail, 2013-03-22. Retrieved 2021-01-23.
  4. Annual Report 2019, FQM. first-quantum.com. Retrieved 2021-01-23.
  5. "GALERÍA DE PRIMERA EXPORTACIÓN DE CONCENTRADO DE COBRE.". Minera Panamá S.A. 2019. Retrieved 2021-01-23.
  6. Minera Panama S. A. Dun & Bradstreet. Retrieved 2021-01-25.

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