First Quantum ramping down ore processing at Cobre Panama due to boat blockade

TORONTO – First Quantum Minerals Ltd. says it has started to reduce ore processing operations at its Cobre Panama mine due to a blockade by small boats at the mine’s port as protests against the company’s new mining concession agreement continue.

The company says it is ramping down one ore processing train while two remain operational.

Shares in First Quantum have plunged in recent weeks as people in Panama have been protesting the operating agreement between the company and the government for the mine.

The scale and scope of the deal have raised nationalist anger as well as environmentalist objections.

First Quantum says the blockade by the boats has affected the delivery of supplies for the mine’s on-site power generation plant, which is necessary for full operations.

It has also affected the loading of copper concentrate onto ships.

This report by The Canadian Press was first published Nov. 13, 2023.

Companies in this story: (TSX:FM)