First Quantum Starts Shipping Stockpiled Copper From Panama Mine
(Bloomberg) -- First Quantum Minerals Ltd. has started shipping stockpiled copper from its stalled mine in Panama, 19 months after the operation was shut down by the country's top court.
A bulk carrier called Lipsi departed on June 18 from Punto Rincon, a private port owned by First Quantum that's used exclusively to ship out mined ores known as concentrate from the Cobre Panama mine, data compiled by Bloomberg showed.
The vessel — which has a cargo capacity of about 35,000 deadweight tons — is carrying concentrate destined for European copper smelter Aurubis AG, according to people familiar with the matter, who asked not to be identified due to its commercially sensitive nature.
The shipment comes after Panama's government last month authorized First Quantum to export about 120,000 tons of copper concentrate inventory that was left stranded in late 2023 when the mine's license was ruled to be unconstitutional, and the vast operation was ordered to shut down.
Revenues from the sales will be used to fund the maintenance of the mothballed operation, while First Quantum continues to lobby for the resumption of operations. Panamanian President Jose Raul Mulino said earlier this month that the slate is now clean to start talks about a potential restart, but warned there's still a long way to go before a deal can be done.
The rest of the stockpile will be shipped to offtake partners in Japan and South Korea over the coming months, the people said.
First Quantum declined to comment. A spokesperson for Aurubis didn't immediately respond to a phone call and email seeking comment.
The release of the Cobre Panama inventory could provide some relief to copper smelters, which have faced a growing shortage of concentrate since the mine was shut down. Processing fees — a gauge of copper ore availability — have plunged to record lows, prompting smelters in the Philippines and Namibia to shut down and others to dial back output.
The unexpected closure of Cobre Panama, which accounted for 1.5% of global copper output at its peak, sent shock waves through the industry. The incident was a watershed moment during a period of worsening copper supply imbalance due to an expansion of global smelting capacity.
More stories like this are available on bloomberg.com
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
an hour ago
- Hindustan Times
Steelbird Tornado helmet series launched at ₹1,959. Check details
The Steelbird Tornado is priced at ₹1,959. Check Offers Steelbird Helmets has launched the Tornado helmet series that conforms to both Indian (ISI) and international (DOT) standards. The Tornado is priced at ₹ 1,959 and comes in the entry-to-mid range of commuter helmets. The helmet is available in four sizes—S (560mm), M (580mm), L (600mm), and XL (620mm)—encompassing a wide range of fit needs. It uses a micro-metric buckle that adheres to European fastening standards, a feature increasingly common in helmets priced for the mass market. The Tornado features a high-impact ABS shell designed to withstand crashes and protect the rider's head in the event of a collision. Internally, the helmet includes multi-layer, high-density EPS foam for shock absorption, with fiberglass reinforcement—a material required for DOT compliance and used in most of Steelbird's DOT-rated offerings. Also Read : Steelbird hits 87 lakh helmet sales in FY25, plans to cross 1 crore in FY26 The helmet also includes reflective elements, such as a rear spoiler and interior padding, to improve rider visibility at night. A blackout edition, in which all elements—chin strap, interior, buckle, and reflector—are finished in black, has also been introduced. Tornado's dual-visor system is designed to handle variable lighting conditions. Riders can use a built-in sun visor during the day, with a smoke-tinted outer visor that can be swapped using a quick-release mechanism. One key update is the redesigned chin strap exit from the center of the cheek pad. This is meant to offer more ear space, which might enhance comfort when wearing it for long periods or with Bluetooth products. The inside of the helmet comes equipped with a removable and washable breathable liner, a common feature in most commuter-oriented helmets to deal with hygiene and long-term wear issues. Steelbird Helmet sales milestone Steelbird Hi-Tech India Ltd, India's largest two-wheeler safety gear manufacturer, clocked 87 lakh units of helmet sales in FY 2024-25, up from the previous fiscal year's 80 lakh units. Key to this growth has been the company's continued investment in production infrastructure. The company stated that the Steelbird's Baddi facility now incorporates robotic systems for visors, automated painting, and expanded assembly lines. These improvements have brought daily production to nearly 50,000 units. Also Read : Steelbird Hi-Tech preps 20 new helmets for India, aims to expand export base Besides helmets, Steelbird also introduced a wider line of riding accessories like gloves, goggles, and rainwear, signaling the transition to a more lifestyle positioning. It is also increasing its retail network with more than 200 exclusive Rider Shops in India. The company aims to scale up this number considerably in the next few years to reach 1,000 standalone shops. Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape. First Published Date: 29 Jun 2025, 15:01 PM IST
India.com
an hour ago
- India.com
Pakistan to get another loan worth billions from..., it is because...
New Delhi: Pakistan and China have finalized commercial loan agreements worth $3.7 billion this week. This means that China is going to give Pakistan a huge loan. After this loan from China, Pakistan's foreign exchange reserves will increase to $12.4 billion, which had come down to just $8.9 billion last week due to which Pakistan was facing the threat of bankruptcy. How much is Pakistan's foreign exchange? A Bloomberg report has confirmed, citing sources, that the Industrial and Commercial Bank of China (ICBC) and the Bank of China have signed a $1.6 billion deal on Friday, June 27. This loan is expected to help Pakistan meet its IMF target of ending the fiscal year with gross reserves of $14 billion. These agreements have come at a time when Pakistan's foreign exchange reserves have reached a mere $8.9 billion, more than half of which is being repeatedly 'rolled over' by China. According to reports, Beijing has kept Pakistan financially alive by continuously advancing cash deposits of $4 billion, commercial loans of $5.4 billion, and trade finance facility of $4.3 billion. What does Chinese loan mean to Pakistan? According to the report, on May 19, Pakistan's Deputy Prime Minister Ishaq Dar, who is also the country's Foreign Minister, visited Beijing and during this time an agreement was reached between the two countries regarding the loan. According to the report, the loans taken by Pakistan from China have an average floating interest rate of 7.5%. Pakistan's entire economic strategy now revolves around China. Cash loans from Beijing, unfinished projects under CPEC (China-Pakistan Economic Corridor), and emergency credit lines being continuously taken from Chinese banks have made Pakistan's economic policy completely dependent on China. How much is Pakistan's total debt? At present, Pakistan's total debt to China is around $26 billion, which includes cash deposits, commercial loans and export-import financing. China is repeatedly 'rolling over' this debt, but this has become a permanent debt spiral rather than a relief. Reports from June 2025 say that Pakistan's current account deficit is growing, the rupee is unstable, and food and fuel prices are constantly rising. Foreign investment has almost stopped, and domestic industries are dying due to lack of power and raw materials while policymakers have ignored warnings from international agencies. But interest rates are rising, and repayment deadlines are approaching. Pakistan has to pay back about $25-27 billion in the next 12 months, with most of the debt taken from China, Saudi Arabia and the United Arab Emirates (UAE).
News18
3 hours ago
- News18
Indian Officials Stay Back In US To Seal Trade Deal Before July 9 Tariff Deadline
Last Updated: The bilateral talks, which were originally scheduled to wrap up on June 27, continued for an extra day as both sides sought to bridge key differences The Indian officials have prolonged their visit to Washington as negotiations around the trade deal with the United States intensify in the final stretch before a July 9 tariff deadline, according to individuals familiar with the discussions. The bilateral talks, which were originally scheduled to wrap up on June 27, continued for an extra day as both sides sought to bridge key differences, reported Bloomberg. The extension has raised expectations of a potential interim trade agreement, the sources said, requesting anonymity due to the confidential nature of the negotiations. The discussions come as both countries remain at odds over several unresolved issues. One of the primary sticking points is the US request for India to permit imports of genetically modified (GM) agricultural products. Indian negotiators have declined this proposal, citing potential harm to the country's farming sector. On its part, India is pushing for a more comprehensive outcome that addresses both sector-specific market access and the removal of reciprocal tariffs imposed on Indian exports. Last week, US President Donald Trump expressed optimism about the progress of the talks, stating that a 'very big" agreement with India could be reached soon. With the 90-day suspension of higher US tariffs on Indian goods set to expire on July 9, negotiators on both sides are under increasing pressure to conclude a deal that averts renewed trade friction. First Published:
