{"id":36819,"date":"2023-11-23T22:47:27","date_gmt":"2023-11-23T22:47:27","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/first-quantums-panama-mine-not-operating-at-commercial-production-levels\/"},"modified":"2023-11-23T22:47:28","modified_gmt":"2023-11-23T22:47:28","slug":"first-quantums-panama-mine-not-operating-at-commercial-production-levels","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=36819","title":{"rendered":"First Quantum’s Panama mine not operating at commercial production levels"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS\/Aris Mart\u00ednez\/File Photo<\/span>
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By Valentine Hilaire and Divya Rajagopal<\/p>\n

(Reuters) -A major Panama mine run by Canada’s First Quantum Minerals (OTC:) is not operating at commercial levels, a spokesman said on Thursday, following blockades by protesters at a key port that have prevented the miner from receiving shipments of coal that power the site and other supplies.<\/p>\n

Operations are set to resume once the port blockade is resolved, the spokesman added.<\/p>\n

Cobre Panama produced 112,734 metric tons of copper in the third quarter of 2023, and contributed $930 million to the firm’s overall third-quarter revenue of $2.02 billion.<\/p>\n

Protests have escalated since the government and First Quantum (NASDAQ:) signed a new contract on Oct. 20 for the Cobre Panama concession, which contributes 1% to global copper production and 5% to Panama’s gross domestic product.<\/p>\n

Protesters have argued the contract favors the miner too much and allege corrupt practices in its approval.<\/p>\n

“In terms of production we are talking about a temporary halt because of the illegal blockade. As soon as the port reopens, we will be able to ramp production back up quickly,” the company said in a statement to Reuters when asked about the mine’s status earlier this week.<\/p>\n

The company says an “illegal blockade” of small boats at the mine’s Punta Rincon port has been disrupting the mine’s activity.<\/p>\n

Michael Camacho, a leader of the mine workers’ union, told Reuters that workers started to leave the mine earlier on Thursday due to the lack of supplies to work. “As a union, we are very worried,” he said. <\/p>\n

Challenges against First Quantum’s contract have been filed to Panama’s top court, which is set to hear the legality of the contract awarded to the miner from Nov. 24.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS\/Aris Mart\u00ednez\/File Photo By Valentine Hilaire and Divya Rajagopal (Reuters) -A major Panama mine run by Canada’s First Quantum Minerals (OTC:) is not operating at commercial levels, a spokesman said on Thursday, following blockades<\/p>\n","protected":false},"author":1,"featured_media":11019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-36819","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nFirst Quantum's Panama mine not operating at commercial production levels | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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