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Mining News November 24, 2023 02:25:55 PM

First Quantum Provides Update on Cobre Panama Operations

Paul Ploumis
ScrapMonster Author
Without shipments arriving at the mine’s Punta Rincón port, it expects to run out of supplies for the on-site power plant during the week commencing November 20, 2023.
First Quantum Provides Update on Cobre Panama Operations

SEATTLE (Scrap Monster): First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX: FM) today announced that its subsidiary, Minera Panamá S.A. (“MPSA”), has further ramped down operations at Cobre Panama to one remaining ore processing train. Without shipments arriving at the mine’s Punta Rincón port, it expects to run out of supplies for the on-site power plant during the week commencing November 20, 2023.

The ongoing presence of an illegal blockade of small boats at the Punta Rincón port continues to prevent the delivery of supplies that are necessary to operate the power plant. Local law enforcement authorities are present and continue to monitor and assess the situation in order to achieve a return to normal maritime operations. If the illegal actions continue to prevent the delivery of supplies necessary to operate the power plant, MPSA will ramp down the remaining processing train this week and temporarily halt production. The safety and well-being of the Cobre Panama workforce, of which approximately 90% are Panamanian and have been trained and developed by First Quantum, is the Company’s priority.

With respect to the lawsuits admitted by the Supreme Court of Panama alleging the unconstitutionality of the recently enacted Law 406, which approved MPSA’s revised concession contract, the Secretary General of the Supreme Court has stated that plenary sessions of the court will sit from November 24, 2023 and remain in session until a ruling is delivered in the shortest possible timeframe.

The Company also reports that MPSA, in accordance with its contractual obligations to the Republic of Panama, made a tax and royalty payment on November 16, 2023 of $567 million in respect of the period from December 2021 to October 2023. This payment is one of the largest ever tax and royalty payments in the history of the global copper mining sector and is the largest fiscal payment ever made in Panama.

Further to these significant tax and royalty payments, the mine accounts for over 2% of Panama’s total working population and makes payments to Panamanian suppliers of almost $20 million a week. The overall economic contribution of the mine to the State of Panama is estimated at more than $50 million per week, equivalent to around 5% of annual GDP, if the mine is able to continue operations.

First Quantum wishes to reiterate its willingness to open new forums of dialogue to address the concerns of diverse sectors of society, in order to create lasting relationships based on respect, cordiality, understanding, and mutual benefit. The Company continues to reserve all its local and international legal rights in regards to developments in Panama.

 Courtesy: www.first-quantum.com

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