First Quantum Minerals of Toronto said the first shipment of copper concentrate from the $6.3-billion Cobre Panama project has left port. The open pit mine and mill, located 120 km west of Panama City, is owned 90% by First Quantum and 10% by Korea Mining Corp.
The first ship departed the Punta Rincon port at Cobre Panama on June 19, 2019, carrying 3,377 wet tonnes of concentrate. The second ship has already docked and will load about 44,000 wet tonnes of concentrate. First Quantum said it expects to make shipments every two to three weeks.
Cobre Panama is on track to produce between 140,000 and 175,000 tonnes of copper in 2019 as the ramp up continues. The goal is to produce 300,000 tonnes annually.
The mine has measured and indicated resources of 3.7 billion tonnes grading 0.37% copper and inferred resources of 1.1 billion tonnes at 0.26% copper. The ore also contains molybdenum, gold and silver.
This article first appeared in the Canadian Mining Journal
