Cobre Panama is a large copper porphyry deposit located approximately 120km west of Panama City in the Donoso District in Panama.
Spread across 13,600ha, the mine includes four concessions and is owned by Inmet Mining Corporation through its wholly owned subsidiary Minera Panamá (MPSA). First Quantum Minerals acquired 92.74% of Inmet’s shares in April 2013 thereby assuming an 80% equity interest in Minera Panamá.
The project was formerly known as Petaquilla Copper and acquired by Inmet in 2008. It is being developed with an estimated investment of $7.bn. Inmet approved the development of the mine in July 2011.
The project received approval in February 2018 for a 15% expansion to 85 million tonnes per annum (Mtpa) and upgrades to certain areas for a further increase to 100Mtpa after 2022.
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