- First Quantum Minerals (FM) subsidiary, Minera Panamá S.A. (MPSA), has suspended ore processing operations at the Cobre Panamá mine
- This interruption is the result of the Panamá Maritime Authority’s refusal to permit copper concentrate loading operations at the mine’s port, Punta Rincón
- Cobre Panamá contributes approximately 5 per cent of Panamá’s GDP, makes up 75 percent of the country’s export of goods and has created at least 40,000 jobs
- First Quantum produces copper in concentrate, copper anode, copper cathode, nickel, gold, zinc, silver, acid, and pyrite
- First Quantum Minerals Ltd. (FM) opened trading at C$26.59
First Quantum Minerals (FM) subsidiary, Minera Panamá S.A. (MPSA), has suspended ore processing operations at the Cobre Panamá mine.
This interruption is the result of the Panamá Maritime Authority’s (AMP) refusal to permit copper concentrate loading operations at the mine’s port, Punta Rincón, in accordance with its Resolution No. 007-2023.
The company believes that all of AMP’s requirements under the Resolution have been met and exceeded. However, the AMP has continued to block MPSA’s export operations.
MPSA will begin a partial demobilization of its workforce of over 8,000 employees and contractors, of which the impact is expected to increase over the coming weeks if concentrate shipments do not resume. In addition to workforce reductions, the mine has ceased purchasing supplies and services that are equivalent to $20 million in weekly revenues to more than 2,000 Panamanian companies. Cobre Panamá contributes to approximately 5 per cent of Panamá’s GDP, makes up 75 per cent of the country’s export of goods and has created at least 40,000 jobs that support an estimated 100,000 Panamanians.
MPSA is taking a systematic approach to reducing operations to preserve the integrity of the mine.
Should the company receive permission from the Panamá Maritime Authority, MPSA could begin shipping concentrate and resume operations at the mine within hours.
Negotiations with the Government of Panamá are continuing.
The company will provide further updates as more information becomes available.
First Quantum Minerals’ principal activities include mineral exploration, mine engineering and construction, development, and mining operations. The firm produces copper in concentrate, copper anode, copper cathode, nickel, gold, zinc, silver, acid, and pyrite. It has operating mines located in Zambia, Finland, Turkey, Spain, and Mauritania. The firm’s projects include Guelb Moghrein, Sentinel, Kansanshi, Cobre Panama, Pyhasalmi, and Ravensthorpe, among others. Substantial revenue is generated from Cobre Panama.
First Quantum Minerals Ltd. (FM) opened trading at C$26.59.