Latest news with #CobrePanama
Yahoo
8 hours ago
- Business
- Yahoo
First Quantum explores gold streaming deal from Zambia mine
Canadian mining company First Quantum Minerals is considering a gold pre-payment agreement from its mines in Zambia as a new funding strategy to improve its finances, reported Reuters, citing the company's CFO Ryan MacWilliam. Gold streaming involves an initial payment by a buyer to a miner in exchange for the right to buy a portion of future gold production at a set price. This financing mechanism is becoming an increasingly attractive option for miners needing upfront capital. The focus on gold streaming deals is in response to high gold prices and the robust market for such financial arrangements. MacWilliam said during an analyst call on the company's quarterly results: "We have obviously seen record-high gold prices, that means the gold pre-payment or streaming market is strong, it is obviously an active market, and that gives a variety of options from a financial perspective, in addition to those we have talked about before." Last year, the company considered selling a minority interest in its two Zambian mines. However, First Quantum has indicated that although the potential sale remains a possibility, the current focus is on investigating gold streaming agreements from its Kansanshi mine in Zambia. The S3 Expansion project at Kansanshi is nearing the completion of its commissioning phase, and is on track to start initial production in the latter half of 2025, while remaining within the allocated budget. The Zambian mines are particularly significant for First Quantum following the 2023 shutdown of its Cobre Panama copper mine due to a dispute with the Panamanian Government. The company is engaged in ongoing discussions with Panamanian officials to resolve the situation. The closure of the mine was ordered by Panama's top court after significant public protests, but, in June, President Jose Mulino permitted the export of copper concentrate that had been mined before the shutdown. First Quantum has disclosed that it is incurring monthly expenses of $15m (C$20.52m) for the care and maintenance of the Cobre Panama mine. This cost is projected to increase to between $17m and $18m by the end of the year. "First Quantum explores gold streaming deal from Zambia mine" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
2 days ago
- Business
- Reuters
First Quantum expects rise in Cobre Panama maintenance costs
July 23 (Reuters) - Canadian miner First Quantum Minerals ( opens new tab said on Wednesday it expects costs associated with the maintenance plan for its closed copper mine in Panama will increase to roughly $17 million to $18 million per month. In May, Panama approved the company's preservation and safe management plan (P&SM), which allowed it to export copper concentrate stored at the site as well as to restart a power plant at Cobre Panama. The site had been shut in 2023 after massive protests from local residents over environmental issues. The mine's closure, which had contributed 1% to global copper production, has had an impact on both Panama's and the company's financial prospects. First Quantum began shipments of the 120,000 metric tons of copper left at the site in June. The final shipment is expected to be dispatched soon, the company said on Wednesday, putting an end to uncertainty over the stockpiled copper. During the second quarter, maintenance costs related to the Cobre Panama mine averaged roughly $15 million per month. The plan also allows for import of fuel to help restart Cobre Panama's thermoelectric power plant, which is expected in the fourth quarter of 2025. First Quantum said that the up to $3 million rise in P&SM costs could be partially offset by the potential sale of excess power to support Panama's national grid.
Yahoo
2 days ago
- Business
- Yahoo
First Quantum expects rise in Cobre Panama maintenance costs
(Reuters) -Canadian miner First Quantum Minerals said on Wednesday it expects costs associated with the maintenance plan for its closed copper mine in Panama will increase to roughly $17 million to $18 million per month. In May, Panama approved the company's preservation and safe management plan (P&SM), which allowed it to export copper concentrate stored at the site as well as to restart a power plant at Cobre Panama. The site had been shut in 2023 after massive protests from local residents over environmental issues. The mine's closure, which had contributed 1% to global copper production, has had an impact on both Panama's and the company's financial prospects. First Quantum began shipments of the 120,000 metric tons of copper left at the site in June. The final shipment is expected to be dispatched soon, the company said on Wednesday, putting an end to uncertainty over the stockpiled copper. During the second quarter, maintenance costs related to the Cobre Panama mine averaged roughly $15 million per month. The plan also allows for import of fuel to help restart Cobre Panama's thermoelectric power plant, which is expected in the fourth quarter of 2025. First Quantum said that the up to $3 million rise in P&SM costs could be partially offset by the potential sale of excess power to support Panama's national grid. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
First Quantum reports progress at Panama copper mine, posts profit
TORONTO — First Quantum Minerals Ltd. says shipments of copper concentrate have begun leaving a contentious mine in Panama that had been shuttered, boosting its second-quarter results. The Toronto-based miner posted $18 million in net earnings attributable to shareholders during the second-quarter, reversing a year-earlier loss of $46 million. That amounted to diluted net earnings of two cents per share compared to a loss of six cents per share a year earlier. Sales revenues were $1.23 billion during the three months ended June 30, about the same as the same quarter a year earlier. First Quantum suspended production at the Cobre Panama mine in November 2023 following widespread protests and a court ruling that found the agreement with the government covering the mine was unconstitutional. In May, the Panamanian government approved a "preservation and safe management plan" for the open-pit mine and last month, the company began exporting copper concentrate that had been on site since the mine's closure. This report by The Canadian Press was first published July 23, 2025. Companies in this story: (TSX: FM) The Canadian Press Sign in to access your portfolio
Yahoo
30-06-2025
- Business
- Yahoo
First Quantum resumes copper exports from Cobre Panama mine
Canadian mining company First Quantum Minerals has recommenced the export of stockpiled copper concentrate from its Cobre Panama mine, after Panama's top court ordered the operation's suspension in autumn 2023, as reported by Bloomberg. On 18 June 2025, a bulk carrier set sail from Punto Rincon, the mine's dedicated port, carrying concentrate bound for the European smelter Aurubis. The shipment follows the Panamanian government's approval in May, allowing First Quantum to export 120,000 tonnes (t) of stranded copper concentrate. Sales revenue will support the ongoing maintenance of the idled facility as the company advocates for the restart of mining activities. First Quantum has been maintaining the Cobre Panama site in a state of preservation and safe management since production ceased in November 2023 when its license was deemed unconstitutional. The company is focused on managing the mine safely and responsibly. The transition to this phase occurred after a request from the Panamanian government in response to the Supreme Court's ruling. Cobre Panama is among the world's largest newly opened copper mines in the last decade, with three billion tonnes of proven and probable reserves. Situated in Colon Province, 120km west of Panama City, the mining complex comprises two open pits, a processing facility, a 300MW power station and an international port. The mine is a significant investment in Panama, amounting to $10bn - 12% of the nation's GDP. In April 2025, Panama's President Jose Raul Mulino announced that the government will not introduce a new mining contract law to settle the ongoing Cobre Panama mine dispute, leaving stakeholders uncertain about the future of the mine. "First Quantum resumes copper exports from Cobre Panama mine" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
