Minera Panama generated $524 million in sales last year

Minera Panama subsidiary of the Canadian First Quantum, produced 147.480 thousand 480 tons of copper concentrate, 60.074 ounces of gold and 1.1 million ounces of silver in  2019 from its site in Donosco. Twenty ships sailed from Puerto Rincón, in the province of Colón, loaded with the material

According to First Quantum’s financial report, as of December 31, 2019, the Copper Panama project generated gross sales of $524 million which boosted the total transactions of the Canadian company, which expected a decrease due to the low yield obtained from other projects.

For the sale of copper concentrate, Minera Panama obtained $431 million while for gold it generated $79 million and for silver $14 million.

60% of the material extracted from Donoso has finished up in China, while the remaining 40% has been shipped to refineries in Japan, South Korea, the Philippines, India, Spain, and Germany.

Under the terms of the contract signed in 1997, and that is still in legal limbo after being declared unconstitutional in September 2018 by the Supreme Court, the State will receive 2% royalty for the gross sale of all minerals that are extracted from the project, where there are also molybdenum deposits.

Additionally, the company must pay a series of fees for the land exploited during the 20-year concession.