First Quantum’s Panama mine not operating at commercial production levels By Reuters

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<span>© Reuters. FILE PHOTO: View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo</span><br />
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<p>By Valentine Hilaire and Divya Rajagopal</p>
<p>(Reuters) -A major Panama mine run by Canada&#8217;s First Quantum Minerals (OTC:) is not operating at commercial levels, a spokesman said on Thursday, following blockades by protesters at a key port that have prevented the miner from receiving shipments of coal that power the site and other supplies.</p>
<p>Operations are set to resume once the port blockade is resolved, the spokesman added.</p>
<p>Cobre Panama produced 112,734 metric tons of copper in the third quarter of 2023, and contributed $930 million to the firm&#8217;s overall third-quarter revenue of $2.02 billion.</p>
<p>Protests have escalated since the government and First Quantum (NASDAQ:) signed a new contract on Oct. 20 for the Cobre Panama concession, which contributes 1% to global copper production and 5% to Panama&#8217;s gross domestic product.</p>
<p>Protesters have argued the contract favors the miner too much and allege corrupt practices in its approval.</p>
<p>&#8220;In terms of production we are talking about a temporary halt because of the illegal blockade. As soon as the port reopens, we will be able to ramp production back up quickly,&#8221; the company said in a statement to Reuters when asked about the mine&#8217;s status earlier this week.</p>
<p>The company says an &#8220;illegal blockade&#8221; of small boats at the mine&#8217;s Punta Rincon port has been disrupting the mine&#8217;s activity.</p>
<p>Michael Camacho, a leader of the mine workers&#8217; union, told Reuters that workers started to leave the mine earlier on Thursday due to the lack of supplies to work. &#8220;As a union, we are very worried,&#8221; he said. </p>
<p>Challenges against First Quantum&#8217;s contract have been filed to Panama&#8217;s top court, which is set to hear the legality of the contract awarded to the miner from Nov. 24.</p>
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