Panama Approves Cobre Panamá Ore Processing

The Government of Panama has formally approved First Quantum Minerals to remove, process, and export stockpiled ore at Cobre Panamá. This 'Processing Program' is intended to mitigate environmental and operational risks associated with prolonged on-site storage, such as acid rock drainage. The activity does not constitute a reopening of the mine for new extraction but will utilize existing infrastructure. Tristan Pascall, CEO of First Quantum Minerals, stated that the program is expected to create over 1,000 direct jobs and generate economic contributions for Panama through royalties and local activity. The total stockpile is estimated at 38 million tonnes of mineralized ore, containing approximately 70,000 tonnes of recoverable copper. First Quantum Minerals is focused on preparation works, including rebuilding the workforce at Cobre Panamá to 3,000 employees, re-establishing critical supply chains, and preparing facilities. These preparations are expected to take up to three months and require an estimated $250 million in capital, primarily for working capital to replenish inventories.