Canadian mining giant reports $606 million sales from Panama  in first quarter

The Canadian company First Quantum reported that the Cobre Panamá project, located in the mountains of Donoso and Omar Torrijos, in the province of Colón, generated sales of 606 million dollars in the first quarter, which represents a drop of 18% compared to the previous quarter. same quarter of 2022.

The decrease is attributed to the prohibition that the Panama Maritime Authority (AMP) kept in force on the port of Punta Rincón from February 23 and March 8, in the midst of the dispute between the company and the Government over the signing of the new mining contract

Tristán Pascall, CEO of First Quantum, reported that on March 10, two days after the port was allowed to resume operations, the company reached its maximum production and shipping capacity.

Between January and March, Cobre Panamá processed 18.5 million tons of rock material, a production that generated 65,427 tons of copper, 16% less than in the same quarter of 2022. Additionally, the mine produced 23,078 ounces of gold and 568,75 silver.

Cobre Panama’s gross profit in the first three months of the year was $181 million, while Ebitda, a financial indicator of gross operating profit calculated before deducting financial expenses, was $314 million.

In the presentation of the financial statements of the mining company, Pascall reported that during the first quarter, the construction work for the expansion of the mine was completed, which will allow Cobre Panama to achieve, by the end of the year, a production of 100 million tons. Likewise, he noted that the construction of the molybdenum plant is progressing “well” and estimated that the first production will be registered in the first quarter of 2024.

Despite the suspension of operations at Cobre Panamá, First Quantum did not change its production forecast for 2023 and expects to reach 380,000 tons of copper by the end of the year, surpassing the 350,000 recorded in 2022. Regarding gold, the company maintained its estimate of achieving a maximum production of 160,000 ounces.