Panama Mine Restart Boosts Canadian Firm First Quantum's Profits

First Quantum Minerals, a Canadian mining company, announced a significant profit of $136 million for the second quarter, largely due to boosted production from its Zambian operations and the processing of stockpiled ore at its Cobre Panamá mine.

The Cobre Panamá facility, the sole copper mine in Panama, processed approximately 2.1 million tons of stored ore. This operation resumed after the mine was shut down in November 2023 following a judicial ruling that declared its concession contract unconstitutional. The Panamanian government authorized the processing of 38 million tons of ore extracted before the closure, citing environmental risks associated with the stored material.

First Quantum's CEO, Tristan Pascall, highlighted the company's stable operations and strong position for future production. He attributed this success to the performance of the S3 circuit at Kansanshi in Zambia, process optimization at Sentinel in Zambia, and the crucial processing of stored ore at Cobre Panamá. The Panamanian government had authorized the extraction, processing, and export of this stored mineral on April 7, with the first of three milling circuits becoming operational in May.

The processing of this stored ore is expected to yield around 70,000 tons of recoverable copper. By the end of June, the total employment at the Cobre Panamá mine had grown to 3,000 workers, supporting the various stages of operation. First Quantum anticipates that copper production from the stored ore processing will remain between 30,000 and 40,000 tons in 2026.

“

During the second quarter, we maintained stable operations and remain well-positioned for further production in the second half of the year, thanks to the solid performance of the S3 circuit in Kansanshi (Zambia), process optimization in Sentinel (Zambia) and the processing of stored ore in Cobre Panamá.