Panama eyes export of First Quantum’s stockpiled copper
Shuttered Cobre Panama mine had accounted for about 1.5% of global copper production and about 4% of Panama’s gross domestic product.
More than 500 workers went on strike over the weekend at Taseko Mines’ (TSX, LON: TKO) (NYSE: TGB) Gibraltar copper operation in central British Columbia, Canada, following unsuccessful contract negotiations.
A statement from the union, Unifor, says contract talks began in February, but they didn’t result in an accord with Taseko as the miner allegedly “refused to negotiate basic terms of a new collective agreement.”
Taseko Mines said in an emailed statement that it has suspended mining and milling operations at the site, adding that essential staff remain on site to maintain critical systems.
“The company remains committed to the bargaining process and reaching a fair and equitable agreement,” Taseko said.
The Vancouver-based miner has five mining projects in various stages of development, but Gibraltar is currently the only mine actively producing.
The company became the sole owner of the mine, Canada’s second largest open-pit copper mine in Canada and the main employer in the Cariboo region of B.C., in March this year.
Around the same time, Taseko posted its highest ever revenue of $525 million for 2023 thanks mainly to the contribution of Gibraltar mine. The revenue represented a 34% increase compared to 2022.
The mine produced last year a total of 122.6 million pounds of copper, with an average copper recovery rate of 82.6% and head grade of 0.25%. This production was higher than the company’s original guidance and also 26% higher than in 2022.
Taseko is also close to beginning production at Florence in-situ copper recovery mine in Arizona, which is estimated for the fourth quarter of 2025.
