First Quantum Supports Panama Stockpile Processing Plan, Revises Copper Guidance
Copper | 2026-01-19 09:17:36
Proceeds from concentrate sales could help offset preservation and maintenance costs in 2026, subject to regulatory approvals and timing.
By Paul Ploumis
SEATTLE (Scrap Monster): First Quantum Minerals (TSX: FM) has welcomed the Panamanian government’s plan to allow the removal and processing of stockpiled ore at its suspended Cobre Panama copper mine, describing the move as a constructive step toward stabilizing the site while talks continue on its long-term future. The announcement follows comments by President Jose Raul Mulino outlining the proposed approach.
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The Canadian miner said Panama began implementing a care and maintenance program in 2024, paving the way for the potential processing of around 38 million tonnes of ore extracted before mining operations were halted in 2023. The existing stockpile is estimated to contain approximately 70,000 tonnes of copper. Proceeds from concentrate sales could help offset preservation and maintenance costs in 2026, subject to regulatory approvals and timing.
Chief executive Tristan Pascall emphasized that the anticipated permit does not represent a restart of mining operations, reiterating the company’s commitment to continued dialogue with the government to resolve the dispute surrounding the project.
First Quantum also updated its medium-term copper production guidance, forecasting output of 375,000–435,000 tonnes in 2026, rising to 410,000–470,000 tonnes in 2027 and 430,000–490,000 tonnes in 2028. Analysts view near-term guidance revisions as modestly negative, but note potential upside from stockpile processing.
POLL
What will most impact First Quantum’s copper output in 2026?
Frequently Asked Questions
- Does the permit mean Cobre Panama is reopening?
No, the permit only allows processing of existing stockpiles; mining operations remain suspended.
- How much copper is expected from the stockpile?
Approximately 70,000 tonnes of copper could be recovered from the 38 million-tonne stockpile.
- How has First Quantum updated its production guidance?
Copper output is forecast at 375,000–435,000 tonnes in 2026, 410,000–470,000 tonnes in 2027, and 430,000–490,000 tonnes in 2028.
