First Quantum to Spend US$20M Monthly on Idle Cobre Panamá Mine Maintenance

Published: Jun 4, 2025 19:21

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First Quantum will spend approximately US$20 million per month to maintain its idle Cobre Panamá copper mine. Roderick Gutiérrez, President of the Panamanian Chamber of Mines, stated that this cost will be covered by selling copper concentrates stored at the site. The company currently has 121,000 mt of concentrates, though some have deteriorated due to no processing in the past two years. The tailings storage facility management plan includes updated environmental and legal procedures, with an expected implementation period of six to twelve months, depending on the condition of the equipment. Regulatory oversight will involve ten government agencies, including Panama's Ministry of the Environment.

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