Latest news with #FirstQuantum
Mint
2 days ago
- Business
- Mint
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
Globe and Mail
4 days ago
- Business
- Globe and Mail
First Quantum Provides Notice of Second Quarter 2025 Results
TORONTO, June 25, 2025 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. ('First Quantum' or the 'Company') (TSX: FM) will release second quarter 2025 financial and operating results on Wednesday, July 23, 2025 after the close of the Toronto Stock Exchange. The Company will host a conference call and webcast to discuss the results on Thursday, July 24, 2025 at 9:00 am (ET). Conference call and webcast details: Toll-free North America: 1-800-715-9871 International: +1-646-307-1963 Conference ID 8111752 Webcast: Direct link or on our website A replay of the webcast will be available on the First Quantum website. For further information, visit our website at or contact:
Canada Standard
6 days ago
- Business
- Canada Standard
Canadian company suspends operations after African mine death
The decision followed a fatal accident at a pit in Zambia, First Quantum Minerals has reported Canadian firm First Quantum Minerals has temporarily suspended operations at one of its Trident mines in Zambia following the death of an employee in a dump truck accident. The incident occurred at a pit at the Sentinel copper mine, located 150km west of Solwezi in the northwestern province of the southern African country, the mining company said in a statement on Monday. The "operations in the area of the accident have been temporarily suspended and will resume once it is determined that it can be done in a safe manner," it stated. The company said it had notified local authorities about the "tragic loss" and that an internal investigation is currently underway. First Quantum is a major player in Zambia's copper-rich northwestern province, where it operates two major mines - the Kansanshi mine and the Sentinel mine, as part of its larger Trident project. Its operations, have, however, been marred by several fatal accidents in recent years, including a 2023 dump truck collision at Sentinel and multiple contractor deaths at Kansanshi. Last September, the Toronto-based miner reported that a collision between a tracked dozer and a light vehicle had killed one of its employees. In November the previous year, two contractors at its Zambian operations died in separate incidents. READ MORE: African state strips French nuclear giant of uranium mine The latest incident comes at a time when countries in Africa have revoked the licenses of major Western mining firms over a series of grievances, including alleged unpaid taxes. Last Thursday, Niger's military government announced plans to nationalize Somair uranium, a local venture operated by the French state-owned nuclear company Orano since 1971, amid an escalating dispute between the miners and the West African nation. Governments in neighboring Burkina Faso, Guinea, and Mali have also moved to review mining contracts in recent months, seeking to boost revenue from their extractive industries. Earlier last Monday, Mali temporarilystrippedCanadian firm Barrick of control over the country's largest gold mining operations, citing alleged unpaid taxes and royalties. In 2023, First Quantum lost control of its flagship Panama copper mine after the country's Supreme Court nullified its contract and the maritime authority blocked export permits. (
Canada News.Net
6 days ago
- Business
- Canada News.Net
Canadian company suspends operations after African mine death
The decision followed a fatal accident at a pit in Zambia, First Quantum Minerals has reported Canadian firm First Quantum Minerals has temporarily suspended operations at one of its Trident mines in Zambia following the death of an employee in a dump truck accident. The incident occurred at a pit at the Sentinel copper mine, located 150km west of Solwezi in the northwestern province of the southern African country, the mining company said in a statement on Monday. The "operations in the area of the accident have been temporarily suspended and will resume once it is determined that it can be done in a safe manner," it stated. The company said it had notified local authorities about the "tragic loss" and that an internal investigation is currently underway. First Quantum is a major player in Zambia's copper-rich northwestern province, where it operates two major mines - the Kansanshi mine and the Sentinel mine, as part of its larger Trident project. Its operations, have, however, been marred by several fatal accidents in recent years, including a 2023 dump truck collision at Sentinel and multiple contractor deaths at Kansanshi. Last September, the Toronto-based miner reported that a collision between a tracked dozer and a light vehicle had killed one of its employees. In November the previous year, two contractors at its Zambian operations died in separate incidents. READ MORE: African state strips French nuclear giant of uranium mine The latest incident comes at a time when countries in Africa have revoked the licenses of major Western mining firms over a series of grievances, including alleged unpaid taxes. Last Thursday, Niger's military government announced plans to nationalize Somair uranium, a local venture operated by the French state-owned nuclear company Orano since 1971, amid an escalating dispute between the miners and the West African nation. Governments in neighboring Burkina Faso, Guinea, and Mali have also moved to review mining contracts in recent months, seeking to boost revenue from their extractive industries. Earlier last Monday, Mali temporarilystrippedCanadian firm Barrick of control over the country's largest gold mining operations, citing alleged unpaid taxes and royalties. In 2023, First Quantum lost control of its flagship Panama copper mine after the country's Supreme Court nullified its contract and the maritime authority blocked export permits.
CTV News
6 days ago
- Business
- CTV News
First Quantum reports fatality from accident at Zambia mine, suspends some operations
FILE PHOTO - First Quantum Minerals Chairman, CEO and Director Philip Pascall looks on during their annual general meeting for shareholders in Toronto, May 9, 2012. First Quantum Minerals said on Monday it had temporarily suspended operations in the area of an accident at the Trident project in Zambia which resulted in the death of an employee. The Canadian miner said the accident involved a dump truck at a pit in the Sentinel copper mine. Operations in the accident area will resume once it is safe to do so, the company said in a statement adding that local authorities had been notified about the incident. First Quantum said it had also launched an internal investigation into the accident. This is the fifth reported death since 2023 at First Quantum's mining operations in Zambia, and the third at the Sentinel pit. (Reporting by Vallari Srivastava in Bengaluru; Editing by Mrigank Dhaniwala)
