First Quantum starts shipping stockpiled copper from Panama mine
me-metals: First Quantum Minerals Ltd. has started shipping stockpiled copper from its stalled mine in Panama, 19 months after the operation was shut down by the country’s top court.
According to me-metals cited from mining.com, The vessel — which has a cargo capacity of about 35,000 deadweight tons — is carrying concentrate destined for European copper smelter Aurubis AG, according to people familiar with the matter, who asked not to be identified due to its commercially sensitive nature.
The shipment comes after Panama’s government last month authorized First Quantum to export about 120,000 tons of copper concentrate inventory that was left stranded in late 2023 when the mine’s license was ruled to be unconstitutional, and the vast operation was ordered to shut down.
Revenues from the sales will be used to fund the maintenance of the mothballed operation, while First Quantum continues to lobby for the resumption of operations. Panamanian President Jose Raul Mulino said earlier this month that the slate is now clean to start talks about a potential restart, but warned there’s still a long way to go before a deal can be done.
The rest of the stockpile will be shipped to offtake partners in Japan and South Korea over the coming months, the people said.
First Quantum declined to comment. A spokesperson for Aurubis didn’t immediately respond to a phone call and email seeking comment.
The release of the Cobre Panama inventory could provide some relief to copper smelters, which have faced a growing shortage of concentrate since the mine was shut down. Processing fees — a gauge of copper ore availability — have plunged to record lows, prompting smelters in the Philippines and Namibia to shut down and others to dial back output.
The unexpected closure of Cobre Panama, which accounted for 1.5% of global copper output at its peak, sent shock waves through the industry. The incident was a watershed moment during a period of worsening copper supply imbalance due to an expansion of global smelting capacity.
source: mining.com
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