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Panama
Cobre Panama Mine

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 Location:
99 km SW from Colon, Panama

  Address:
Torre De Las Américas Torre A Piso 21 Punta Pacifica
Panama
Panama
Phone507-294-5700
Fax507-294-5701
EmailEmail
WebsiteWeb
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  • Owners
  • Geology
  • Mining
  • Processing
  • Production
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  • Filings & News

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Overview

StageProduction
Mine TypeOpen Pit
Commodities
  • Copper
  • Molybdenum
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
On-Site Camp 10,000 people Source:
Production Start2019
Mine Life2054
Latest NewsFirst Quantum Minerals Finalizes Draft Concession Agreement With Government of Panamá on Future of Cobre Panamá     March 8, 2023


Owners

Source: p. 7, 8, 39
CompanyInterestOwnership
Korea Resources Corp. 10 % Indirect
First Quantum Minerals Ltd. 90 % Indirect
In 2013 the First Quantum Minerals Ltd. acquired an indirect 80% interest in Minera Panamá S.A. (MPSA), which holds the Cobre Panama concession, through its acquisition of Inmet Mining Corporation. At that time the remaining 20% interest in MPSA was held by Korea Panama Mining Corp (KPMC), a 50/50 joint venture company whose ultimate shareholders were LS-Nikko Copper Inc. and Korean Resources Corporation.

In November 2017 the First Quantum Minerals Ltd. increased its effective ownership of MPSA to 90% by acquiring LS-Nikko’s 50% holding of KPMC.

Contractors

ContractorContractDescriptionRef. DateExpirySource
AES Panama, S.A. Power supply First Quantum Minerals Ltd. entered into a long-term, fixed-price contract with AES Panama an independent power producer, for the purchase of 64 megawatts (“MW”) of electrical power for the CP100 Expansion project. The contract subsequently received regulatory approval from the National Dispatch Centre in September 2022. Starting in January 2024. Oct 25, 2022


Deposit Type

  • Porphyry

Source: Source p.54-68

Summary:

The mineralised zones on the Cobre Panamá property are examples of copper-gold-molybdenum porphyry deposits.

Supergene mineralisation
Oxidation of sulphides near the surface weathering profile has leached copper from the present-day saprolite. Copper has been weakly and irregularly re-precipitated in the upper zones of the deposits. Secondary sulphides are dominantly chalcocite with minor covellite and rare native copper. These secondary minerals occur as fracture infills, coatings on primary sulphide minerals and disseminations. Where these sulphides have been oxidised, malachite is the main copper oxide mineral.

Notably absent across the majority of the Cobre Panamá deposits is the presence of a significant zone of enrichment. It is interpreted that this is likely due to removal by erosion of a previously welldeveloped phyllic alteration zone which may have overlain these deposits. Phyllic alteration zones are suitable host rocks for re-precipitation of copper as they can sufficiently neutralise the acidic fluids required for leaching. A well-developed phyllic alteration zone is developed at Brazo, which accompanies a significant secondary copper sulphide mineralisation zone.

Hypogene mineralisation
Hypogene mineralisation within the granodiorite and various porphyry lithologies consists of disseminated sulphides, micro-veinlets, fracture fillings, veinlets and quartz-sulphide stockworks.

Copper mineralisation occurs as chalcopyrite with lesser bornite. Throughout all deposits the proportion of bornite relative to chalcopyrite appears to increase with depth. Molybdenite is present in quartz “B” veinlets (Gustafson and Hunt, 1975). Pyrite is ubiquitous but the tenor increases in association with phyllic and chlorite-silica alteration compared to other alteration assemblages. Within the phyllic alteration zone, pyrite occurs as disseminations and within “D” veinlets (Gustafson and Hunt, 1975) with quartz. Minor specularite and magnetite mineralisation occurs as dissemination and veinlets in all deposits.

Mineralisation on the contacts between the andesite and feldspar-hornblende-quartz porphyry can reach high copper tenor in zones of biotite hornfels. Chalcopyrite is the dominant sulphide with minor pyrite and rare bornite, occurring in veinlets, blebs and disseminations. This style of mineralisation is often cross-cut by quartz-sulphide veining.

Botija
The Botija deposit is located in the northeast area of the Cobre Panamá concession. Botija is hosted in several feldspar-quartz-hornblende porphyry dykes (up to four) which range in thickness from 20 m to 200 m, and which have intruded the granodiorite and andesite host rocks. In general, the dip of the more distinct dykes is approximately 70° to the north.

Two irregular, keel shaped andesite roof pendants of approximately 500 m in diameter have been identified at Botija (Rose et al, 2012), separated by approximately 300 m and reaching depths of between 200 m to 300 m. A smaller pendant, up to 250 m along strike and extending to a depth of 150 m sits to the north of the deposit.

Colina
The Colina deposit is focused on a 3.0 km long by 1.2 km wide feldspar-quartz-hornblende porphyry sill and dyke complex (lopolith) that trends east-southeast.

The majority of the feldspar-quartz-hornblende porphyry comprises of 50 m to 200 m thick sills that dip shallowly to the north and are often interconnected by dykes.

Valle Grande
The Valle Grande deposit is located to the southeast of Colina and is 3.2 km long and 1 km wide, striking northwest-southeast. The deposit is focussed on an irregular feldspar-quartz-hornblende porphyry lopolith.

Balboa
Mineralisation at Balboa is dominantly hosted by a feldspar-quartz-hornblende porphyry that intrudes the adjacent andesite at a low to moderate angle, emanating from the north-northwest. Mineralisation is best developed in the central portion of the porphyry but weakens towards the contacts with the andesite. The porphyry can locally be described as a crowded feldspar porphyry, with variable percentages of feldspar and lesser quartz phenocrysts which range in size from 1 mm to 4 mm.

Medio
Medio is located immediately east-northeast of the Colina deposit and 2 km northwest of the Botija deposit. Drilling has delineated a 1.3 km by 800 m area of low to moderate grade porphyry mineralisation. Mineralisation is associated with silicified and sericitised porphyritic intrusive rocks and brecciated andesite volcanics. Copper tenor appears to be strongly correlated to vein and fracture intensity.

Botija Abajo
Botija-Abajo is approximately 2.5 km southeast of Botija. Drilling, completed mainly by PTC identified two deposit areas, Botija Abajo East and Botija Abajo West. Mineralisation is primarily located within feldspar-quartz-porphyry with some mineralisation extending into the andesitic tuffs.

Brazo
The Brazo deposit is located approximately 3 km south-southeast of Botija. Copper and gold mineralisation was identified in a feldspar-quartz porphyry with dominant sericite alteration. The Brazo deposit has an approximate area of 600 m by 700 m and remains open to the east, northeast and at depth.


Mining Methods

  • Truck & Shovel / Loader

Source: p.150-151, 154, 169

Summary:

Mining at Cobre Panama involves ultraclass scaled mining equipment and conventional open pit methods at up to approximately 83 Mbcm of ore and waste mined per annum. The multiple pits will be mined in an optimized sequence and in phases, with ore crushed in-pit and conveyed overland to the nearby processing plant.

At the end of 2021, four rope shovels, three ultraclass loaders and thirty ultraclass trucks were operating in the Botija Pit. During 2022, the Company expects to expand the fleet by adding a fifth rope shovel and eight additional ultra-class haul trucks. The plans also include developing the Colina pit and its associated overland conveyor and in-pit crushing facility. Completion of construction works and commencement of commissioning is targeted for the first quarter of 2023 to allow for a ramp up of production over the course of the year. The crusher feed is expected to achieve between 85 Mtpa and 90 Mtpa in 2022 and ultimately ramp up to 100 Mtpa by the end of 2023 at which rate it remains until 2041 before dropping to 75Mtpa between 2042 and 2054. The overall life of mine strip ratio (tonnes) is 1:1.

The Botija Pit is being mined first, followed by the Colina and Medio Pits. Mining in the Valle Grande and BABR Pits will commence towards the end of mining of the Colina Pit, with the Balboa Pit being mined last.

Building upon the technologies developed at other FQM operations, the Project features in-pit crushing and conveying (IPCC). Blasted ore will be hauled to IPCC installations strategically located within the open pits. These installations will be near surface at the outset, but will be moved deeper into the pits as mining proceeds over time. In-pit conveyors will be extended to suit and these will converge on surface at a central transfer station discharging to a permanent overland conveyor connecting to the plant site.

Terrace mining
The mine development approach for the open pits has changed from one which was based on phased pits and cutbacks towards an ultimate perimeter, to one which is now based on a terraced mining layout. This change comes about due to experience elsewhere at Company operations, where the deployment and utilisation of ultra class mining equipment has been improved by operating on broad terraces. A terrace layout in the Cobre Panamá environment also provides an improved means of managing rainfall inundation of the pits.

Trolley-assisted haulage
Trolley-assisted haulage is a concept that is being adopted during the early life of operations. The primary truck haulage fleet is being delivered “trolley-assist ready” (TA). Additional pit ramp width has been included in the detailed pit phase designs to allow for the physical placement of transformers and catenary wire poles . In places, these ramps could be extended onto the waste dumps.

Waste dumping
The planned waste dumps (referred to as “waste rock storage facilities”, WRSF) are located surrounding the various pits, wherever space dictates, and in areas that have been largely sterilised by exploratory drilling.

The dump profiles have been designed with a 32° batter angle, a 30 m batter height, 26 m width berms, and minimum 55 m wide ramps at 1:10 gradient. The overall angle of each ultimate dump slope is approximately 22°.

Drilling and blasting
Near-surface saprolite material is being mined essentially as free-dig. As and when required, bench development that requires blasting will be blasted on bench heights of between 5 and 10 m and using small diameter blast holes.

Below this horizon, production drilling and blasting will take-place in rock conditions requiring a range of drilling/charging patterns and powder factors. Due to the mix of large and medium sized rotary drills there will be large and medium diameter holes used to blast ore and waste.

High and medium grade ore is preferentially direct fed to the crushers. However, some of this tonnage must be mined and stockpiled and hence, high and medium grade ore stockpiles are considered to be “active” throughout the mine life.

Long term low grade ore and saprock ore stockpiles are developed over the life of the mine and are not reclaimed until the final years of operations.

Mining and processing schedules
With the completion of the detailed ultimate pit designs, detailed life-of-mine (LOM) production scheduling was completed using MineSched software. Scheduling assumptions included:
• minimum mining block size (x, y, z) for Botija = 100 m x 100 m x 15 m
• minimum mining block size for all other pits = 200 m x 125 m x 15 m
• mining flitch height = 15 m
• maximum vertical advance rate = 60 to 75 m/year
• terrace mining with horizontal lag distance of 100 m to 200 m.


Crushing and Grinding
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Processing

  • Gravity separation
  • Centrifugal concentrator
  • Flotation
  • Dewatering
  • Filter press

Flow Sheet: Source
Source: Source

Summary:

The predominantly copper/molybdenum sulphide ore is amenable to conventional differential flotation processing, with gold and silver recovered into the copper concentrate and also separated into a bleed stream gravity concentrate. The processing plant design is based upon a conventional sulphide ore flotation circuit, with differential flotation to produce separate copper and molybdenum concentrate products. Plant tailings are directed into the tailings management facility and at a later date into the depleted Botija open pit.

The copper concentrate containing gold and silver byproducts is piped as a slurry to the port site on the northern coast of the country (on the Caribbean Sea), where it is dried in filter presses and stored before being loaded onto vessels for shipping to world markets. The molybdenum concentrate will be delivered to the port by road and shipped in bulk bags.

The processing plant design is based upon a conventional sulphide ore flotation circuit to an initial nameplate throughput capacity of 85 Mtpa, expandable to 100 Mtpa capacity.

Aside from in-pit primary crushing, the processing plant will include conventional facilities, such as:
- crushing (secondary and pebble) and grinding (SAG/ball) to liberate minerals from the ore;
- froth flotation to separate most of the copper and molybdenum minerals from minerals of no commercial worth;
- differential flotation to separate the copper and molybdenum minerals from each other;
- storage of tailings and provision of reclaim water for the process;
- removal of water from the products.

The process plant is designed to process ore at a head grade of up to 0.65% Cu and 0.023% Mo. These levels are higher than the highest sustained head grades of 0.46% Cu and 88.40 ppm Mo scheduled to be mined in 2023 and 2029, respectively, but the design provides the flexibility to accommodate a wide range of head grades over the Project life.

Flotation
Ground slurry will be directed to a flotation circuit where a bulk sulphide concentrate, containing copper, molybdenum, gold and silver values, will be collected and concentrated in a rougher followed by cleaner flotation. A primary high grade concentrate from the first rougher cell will be collected and cleaned directly in columns to produce a final product. The balance of concentrate from the remainder of the rougher cells will be collected, fed into three regrind mills, and then cleaned in two stages of mechanical cells followed by a one column stage to produce a final bulk concentrate.

The rougher and cleaner circuits will be installed to meet ultimate capacity, with no further additions required.

The bulk concentrate will be thickened in conventional thickeners (with no flocculant) and pumped to a differential flotation plant, where copper minerals will be depressed, and molybdenite floated into a molybdenum concentrate.

Concentrates
Copper/gold concentrate piped from the plant site will be filtered, reclaimed using a mechanical reclaimer and loaded by closed conveyors on to bulk ore carriers. The filtrate water will be treated at the port in a water treatment plant or aternatively pumped through a return pipeline to the TMF. The concentrate will be filtered in automatic filter presses and when dry (8% to 9% moisture), will be stored in a covered building with a capacity of 140,000 t.

The molybdenum concentrate will be filtered, dried, and packaged in containers for shipment to offshore roasters. Tailings from the molybdenum flotation circuit will constitute the copper concentrate, which will be thickened/pumped/piped approximately 25 km to a filter plant at the Punta Rincón port site. If the molybdenum head grade is unsuitable, the molybdenum separation plant can be readily bypassed.

Tailings disposal and process water reclaim
For the first approximate fourteen years of the operation, tailings containing silicate, iron sulphide and other minerals from the rougher and cleaning steps will be deposited into the TMF located north of the mine and plant. The TMF is of centre line/downstream construction.

The plant is equipped with preparation facilities for all required liquid and solid reagents, including frother, collector, promoter and lime. In addition, a ball charging system is provided in the milling area for feeding balls into the respective mills.

Recoveries & Grades:

CommodityParameter202120202019
Copper Recovery Rate, % 919086
Copper Head Grade, % 0.450.420.44
Copper Concentrate Grade, % 2725.121.9

Production:

CommodityUnits2022202120202019
Copper t 330,000-360,000 ^331,000205,548147,480
Gold oz 135,000-150,000 ^141,63784,66760,074
Silver oz 2,521,2351,595,5611,132,247
All production numbers are expressed as metal in concentrate. ^ Guidance / Forecast.

Operational Metrics:

Metrics2022202120202019
Annual milling rate 87.5 Mt ^
Ore tonnes mined 96,426 kt59,024 kt51,879 kt
Waste 49,688 kt34,653 kt66,570 kt
Tonnes processed 80,838 kt54,457 kt38,583 kt
Daily processing capacity 202,000 t
^ Guidance / Forecast.

Reserves at December 31, 2021:
Mineral Reserve: The actual cut-off grade for the estimate varies due to variable processing recovery, but otherwise reflects a longer-term consensus copper price of $3.00/lb, a molybdenum price of $13.50/lb, a gold price of $1,200/oz and a silver price of $16.00/oz.
Mineral Resource: 0.15% Cu cut-off grade.

CategoryOreTypeTonnage CommodityGrade
Proven & Probable Stockpiles 28.1 Mt Copper 0.2 %
Proven & Probable In-Situ (OP) 2,908 Mt Copper 0.38 %
Proven & Probable Stockpiles 28.1 Mt Molybdenum 0.0033 %
Proven & Probable In-Situ (OP) 2,908 Mt Molybdenum 0.0059 %
Proven & Probable Stockpiles 28.1 Mt Gold 0.04 g/t
Proven & Probable In-Situ (OP) 2,908 Mt Gold 0.07 g/t
Proven & Probable Stockpiles 28.1 Mt Silver 0.81 g/t
Proven & Probable In-Situ (OP) 2,908 Mt Silver 1.37 g/t
Measured & Indicated Stockpiles 28.1 Mt Copper 0.2 %
Measured & Indicated In-Situ (OP) 3,444 Mt Copper 0.37 %
Measured & Indicated Stockpiles 28.1 Mt Molybdenum 0.0033 %
Measured & Indicated In-Situ (OP) 3,444 Mt Molybdenum 0.006 %
Measured & Indicated Stockpiles 28.1 Mt Gold 0.04 g/t
Measured & Indicated In-Situ (OP) 3,444 Mt Gold 0.07 g/t
Measured & Indicated Stockpiles 28.1 Mt Silver 0.81 g/t
Measured & Indicated In-Situ (OP) 3,444 Mt Silver 1.34 g/t
Inferred In-Situ (OP) 1,090 Mt Copper 0.26 %
Inferred In-Situ (OP) 1,090 Mt Molybdenum 0.005 %
Inferred In-Situ (OP) 1,090 Mt Gold 0.04 g/t
Inferred In-Situ (OP) 1,090 Mt Silver 1.08 g/t

Commodity Production Costs:

CommodityUnits202120202019
Credits (by-product) Copper USD -0.28 / lb   -0.27 / lb   -0.26 / lb  
All-in sustaining costs (AISC) Copper USD 1.61 / lb†   1.6 / lb†   1.78 / lb†  
C1 cash costs Copper USD 1.31 / lb†   1.31 / lb†   1.29 / lb†  
C3 fully allocated costs Copper USD 2.22 / lb†   2.3 / lb†   2.15 / lb†  
† Net of By-Product.

Financials:

Units2022202120202019
Capital expenditures (planned) M USD 610  
Capital expenditures M USD 360  267  1,082  
Revenue M USD 3,160  1,455  524  
Operating Income M USD 1,434  261  90  
Gross profit M USD 1,449  274  92  
EBITDA M USD 2,021  667  203  


Pipelines
Source: Subscription required


Heavy Mobile Equipment:
HME TypeModelSizeQuantityStatusRef. Date
Dozer (crawler) Caterpillar D10 6 Proposed Mar 1, 2019
Dozer (crawler) Caterpillar D11 4 Proposed Mar 1, 2019
Dozer (rubber tire) Caterpillar 834 4 Proposed Mar 1, 2019
Dozer (rubber tire) Caterpillar 854 3 Proposed Mar 1, 2019
Drill Furukawa HCR 1500 5 Proposed Mar 1, 2019
Drill Epiroc D65 3 Proposed Mar 1, 2019
Drill Epiroc PV351 / MD6640 6 Proposed Mar 1, 2019
Drill Epiroc PV271 7 Proposed Mar 1, 2019
Excavator Liebherr R9350 3 Existing May 9, 2018
Excavator Liebherr R 9100 4 Proposed Mar 1, 2019
Grader Caterpillar 16M 7 Proposed Mar 1, 2019
Loader (FEL) LeTourneau L2350 3 Existing May 9, 2018
Shovel (rope) P&H 4100 XPC 4 Existing May 9, 2018
Shovel (rope) P&H 4100 XPC 1 Proposed Mar 1, 2019
Truck (dump) Caterpillar 740B 40 t 24 Proposed Mar 1, 2019
Truck (haul) Liebherr L284 360 t 5 Proposed Mar 1, 2019
Truck (haul) Caterpillar 777G 100 t 20 Existing May 9, 2018
Truck (haul) Liebherr T 284 360 t 30 Existing May 9, 2018
Truck (water) Caterpillar 785 3 Proposed Mar 1, 2019

Mine Management:

Job TitleNameProfileRef. Date
Camp Manager Cesar Murray LinkedIn Jun 3, 2022
Chief Engineer Ravi Pillay LinkedIn Jun 3, 2022
Environmental Superintendent Agustina Inés Varela LinkedIn Jun 3, 2022
General Manager Alan Delaney LinkedIn Jun 3, 2022
Logistics Manager Craig Aitken LinkedIn Jun 3, 2022
Materials & Logistics Superintendent Zafer Unlu LinkedIn Jun 3, 2022
Mill Superintendent Joseph Kasaji LinkedIn Jun 3, 2022
Mine Production Manager Japie Vorster LinkedIn Jun 3, 2022
Operations Manager Edward Paul LinkedIn Jun 3, 2022
Operations Superintendent Boris Ostap Batista Jaramillo LinkedIn Jun 3, 2022
Processing Superintendent Okan Altun LinkedIn Jun 3, 2022
Procurement Superintendent Carlos Velasco LinkedIn Jun 3, 2022
Purchasing Superintendent Vaughan Curtis LinkedIn Jun 3, 2022

Staff:

Total WorkforceYear
7,300 2021
7,000 2020

Corporate Filings & Presentations:

DocumentYear
Other 2022
Annual Information Form 2021
Annual Report 2021
Annual Information Form 2020
Financial Review 2020
Management Discussion & Analysis 2020
Annual Information Form 2019
Financial Review 2019
Management Discussion & Analysis 2019
Technical Report 2019
Corporate Presentation 2018
Financial Review 2018
Annual Report 2017
Annual Information Form 2016
Annual Report 2015
Technical Report 2015
Press Release 2012
Technical Report 2010

News:

NewsDate
First Quantum Minerals Finalizes Draft Concession Agreement With Government of Panamá on Future of Cobre Panamá March 8, 2023
First Quantum Minerals Announces The Suspension of Ore Processing Operations at Cobre Panamá February 23, 2023

Aerial view:

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