First Quantum Starts Shipping Stockpiled Copper From Panama Mine

(Bloomberg) – First Quantum Minerals Ltd., 19 months after the operation of the operation by the upper court of the country began to send copper from the Durmuş mine in Panama.

On June 18, a mass carrier named Lipsi left the Punto Rincon, a special port of the first quantum used to send minin ores known as concentrated from the Cobre Panama mine.

The ship, which has a capacity of approximately 35,000 dead weight tons, concentrates for the European Copper İzabe Facility Aurubis AG, according to people who know the issue not to be defined because of its commercial sensitive nature.

The shipment came after the Panama government last month after the first quantum’s license was decided to export about 120,000 tons of copper concentrate inventory, which was stranded in the late 2023, when the license of the mine was contrary to the constitution, and was ordered to close the extensive operation.

Revenues from sales will be used to finance the care of the stew operation, and the first quantum continues to lobby for the restart of the operations. Panama President Jose Raul Mulino warned that at the beginning of this month, the slate was clean to start talking about a potential restart, but it was still a long way before an agreement was made.

People, Japan and South Korea in the coming months will be sent to remove the partners, he said.

The first Quantum refused to comment. Aurubis spokesman immediately did not respond to a phone call and e -mail.

The release of the Cobre Panama inventory can provide some relief to the copper İzabe facilities, which have faced an increasing shortage of concentration since the closure of the mine. Processing fees – a copper ore existence indicator – plunged for low cream, asked the Philippines and Namibia to close their izabe monitoring and reject the others back.

The unexpected closure of Cobre Panama, which raised 1.5% of the global copper output to the top, sent shock waves from the sector. The incident was a turning point in a period of worsening copper supply imbalance due to the expansion of global melting capacity.

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