Panama to Shut Down First Quantum’s Giant Copper Mine (Mining.com)

• The move, unusual among Latin American countries, came after First Quantum (TSX: FM) missed a Wednesday night deadline to ink a new royalty deal that has been in the works since September 2021.
• The company says it has invested around $10 billion in Cobre Panama, the largest private investment ever in the country, and was contemplating expanding the processing capacity of the mine from 85 million tonnes per year to 100 million tpy in 2023. This would have allowed it to boost production to nearly 360,000 tonnes of copper by the end of this year and to 350,000-380,000 tonnes in 2023.First Quantum is one of the world’s top copper miners and Canada’s largest producer of the metal. It produced 816,000 tonnes of copper in 2021, its highest ever, thanks mainly to record output at Cobre Panama.
• Latin America is the region where risks of asset seizures and taxes hikes have increased the most in the past two years, risk consultancy Verisk Maplecroft estimates. READ MORE

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