First Quantum to speed up construction of world’s largest undeveloped copper deposit in Panama
First Quantum Minerals (TSX:FM)(LON:FQM) will build a concentrator plant at its Panama-based massive copper project next year in an effort to speed up the construction of the mine, CEO Stephen Botts told BNamericas Friday.
The Vancouver-based firm also said it will announce a revised investment figure and timeline for its $6.2 billion copper-gold porphyry Cobre Panama mine before the end of 2013.
First Quantum postponed the project, considered the world’s largest undeveloped copper deposit, after its $5.1 billion takeover of fellow Canadian Inmet earlier this year.
The mine is expected to produce 300,000 tonnes of copper a year worth around $1.1 billion at current prices. Once in operations it will become the largest mining project ever undertaken in Central America.
First Quantum holds extensive copper, nickel and gold assets throughout Africa and Australia, while Inmet used to mine copper and zinc in Turkey, Spain and Finland.
The newly merged company projects a 1.3 million tonnes of copper output per year by 2018.
Image by Scott Ableman
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2 Comments
apple
How long before the Panamain government wants a bigger piece of the action?
frankinca
Questioning a country/government about it’s future demands is always a question. It is easy to go the route that they are looking out for their self interests and balancing out the benefits and liabilities of foreign mining interest and even local ones, but it is futile to see otherwise, accept and prosper less, but prosper. No pain, no gain! Already there is a fight between Quantum and another Panamanian company about adjacent properties and access for transportation and tailings disposal. The use of coal (air pollution) to generate electricity for the site may still be a problem. Liquid natural gas generators on the coast, and transmission lines was my proposal. Selling excess to local residents and businesses ( good will)….. There will always be someone who wants to take advantage of a situation and stir up trouble. It goes with the territory. Mining companies in Canada are dealing with Indian tribes and the property they hold or close to a productive deposit , ask Taseko and others if this isn’t a universal problem and part of the “new” mining industry process.