First Quantum Expects to Ship Trapped Panama Copper Within Weeks
Protesters outside the shuttered First Quantum Minerals mine in Donoso, Panama, in January.
Photographer: Walter Hurtado/BloombergThis article is for subscribers only.
First Quantum Minerals Ltd. expects to secure authorization from Panamanian officials in the coming weeks to sell more than 120,000 metric tons of copper concentrate stored near a port that served its flagship mine.
Unleashing the stockpile of semi-processed metal could generate between $200 million and $300 million based on today’s copper prices. That would be a welcome boost to First Quantum’s balance sheet after the government ordered the closure of the Cobre Panama copper mine in November following fierce public protests. Releasing the copper cache would also bolster a tight global market for concentrate after a series of supply disruptions.