Ownership and Location
Cobre Panama is a large open-pit copper mine located in the Donoso and Omar Torrijos Herrera Districts of Colón Province, approximately 120 km west of Panama City and 20 km from the Caribbean Sea coast. The mine is operated by First Quantum Minerals, which holds a 90% interest through its subsidiary, Minera Panamá, S.A. The remaining 10% is owned by Korea Resources Corporation (Kores). In late 2023, Jiangxi Copper, a Chinese company, increased its stake in First Quantum from 18.3% to 19.5%, making it the largest shareholder.
Ore Geology and Geological Context
Cobre Panama features four major copper porphyry deposits: Botija, Colina, Valle Grande, and Balboa. The ore is primarily hosted within volcanic-sedimentary sequences and granodiorite, with mineralization occurring in feldspar-quartz-hornblende porphyry and andesite volcanics. The mine has an estimated total of 3.14 billion tonnes of proven and probable reserves, with an average grade of 0.38% copper. The geological setting includes a large granodiorite batholith from the mid-Oligocene era.
Production from 2020 to 2024
Cobre Panama commenced commercial production in September 2019, producing approximately 47,480 tonnes of copper in its first year. At full capacity, it is expected to produce around 320,000 tonnes of copper, 100,000 ounces of gold, 3,500 tonnes of molybdenum, and 1.8 million ounces of silver annually over an estimated mine life of 36 years. However, operations faced significant disruptions due to the COVID-19 pandemic starting in April 2020. As of November 2023, the mine was temporarily suspended amid ongoing negotiations regarding its operating contract with the Panamanian government.
Sources
https://miningdataonline.com/property/1392/Cobre-Panama-Mine.aspx
https://www.mipac.com.au/insights/portfolio/cobre-panama-project-profile/
