New Wisdom Investment Limited
First Quantum will start to exploit a large copper mine in Panama
(May 23, 2017)
First Quantum from Canada has invested 5.48 billion US dollars to a large copper project in Panama, and the project is about to start in coming months. This is one of the few new copper mines that will begin production before 2020.
In 2013, Quantum acquired another Canadian copper company Inmet Mining to enter the Cobre Panama project. The company said on Thursday that the project has now completed 50%.
Mike Christie, head of global exploration at Quantum, said that they will invest nearly $ 1 billion this year to push the project. The Cobre Panama project is located 120 km west of Panama City, only 20 km from the Caribbean coast.
Frst quantum plan to invest $ 830 million in this project next year, and 2019 will invest 110 million US dollars, when the project will be fully produced to achieve an annual output of 320,000 tons of copper. The total output of the First Quantum will be more than 900,000 tons / year, reach to the world's top six copper production enterprises.
Panama will also benefit from this mine's operations. Mike Christie noted that the mine is expected to generate about $ 2 billion in annual export earnings during its 34-year mine life, which is equivalent to 4% of the current GDP of the Central American countries.
The Cobre Panama project has contributed to the economy of Panama, which created 7,000 jobs during the project construction and, once put into operation, the project will employ 2,500 people.