Canadian miner First Quantum Minerals (TSX:FM)\u00a0is planning a $327 million expansion\u00a0of its already massive mining and processing complex in Panama, the largest copper mine coming to market over the next couple of years and the\u00a0biggest single private sector investment in the nation’s history.<\/p>\n
According to an updated technical report<\/a>\u00a0for Cobre Panama,\u00a0located about 120 km west of Panama City, and 20 km from the Atlantic coast, the Toronto-based company expects to grow it from 85 million tonnes per year to 100M annual tonnes beginning in 2023.<\/p>\n The expanded throughput involves the earlier development of the adjacent Colina pit, the addition of a ninth mill, an expanded mining equipment fleet, additional conveyors, an inpit crusher and other infrastructure to access the nearby pit.<\/p>\n In 2017, First Quantum\u00a0spent\u00a0close to $1 billion<\/a>\u00a0to advance construction at Cobre Panama (cobre is Spanish for copper), investing a further $830 million in 2018.\u00a0This year, it plans to allocate around $110 million to keep advancing the project until it reaches its full capacity of more than 375,000 annual tonnes of copper.<\/p>\n Cobre Panama processed its first ore in early February, fifty years after the deposit was discovered, but only six since First Quantum gained control over it through the\u00a0acquisition of\u00a0rival Canadian copper miner Inmet Mining<\/a>.<\/p>\n Once it reaches full production, expected in 2021, First Quantum\u2019s total\u00a0production will surpass 900,000 tones a year, placing it among the world\u2019s top six\u00a0copper\u00a0producers.<\/p>\n Panama will also reap the benefit from the operating open-pit mine, as it is expected to generate around $2 billion worth of annual exports during its 34-years of life. That, according to Christie, is equivalent to around 4% of the Central American nation\u2019s current GDP.<\/p>\n First Quantum, which has operating mines in Australia, Zambia, Mauritania, Turkey, Spain and Finland, is also developing two other projects in Latin American \u2014 Haquira in Peru and Taca Taca in Argentina \u2013 but it hasn\u2019t decided which one will develop first.<\/p>\n The post First Quantum plans $327m expansion of giant copper mine in Panama<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The Canadian miner plans to expand Cobre Panama, located about 120 km west of Panama City, and 20 km from the Atlantic coast, from 85 million tonnes per year to 100Mtpy beginning in 2023.<\/p>\n The post First Quantum plans $327m expansion of giant copper mine in Panama<\/a> appeared first on 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Panama copper project processed its first ore in early February, fifty years after the deposit was discovered, but only six since First Quantum gained control over it.<\/q><\/p>\n