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First Quantum Minerals Ltd T.FM

Alternate Symbol(s):  FQVLF

First Quantum Minerals Ltd. is a Canada-based global copper company. The Company produces copper in the form of concentrate, cathode and anode and has inventories of nickel, gold and cobalt. It is engaged in the production of copper, nickel, gold and silver, and related activities including exploration and development. The Company's operating mines include Cobre Panama, Kansanshi, Sentinel, Cobre Las Cruces, Cayeli, Guelb Moghrein, Ravensthorpe and Pyhasalmi. Its development projects include Enterprise, Haquira, Taca Taca and La Granja. Its operating segments include Cobre Panama, Kansanshi, Trident and Ravensthorpe. The Cobre Panama project comprises a series of copper porphyry deposits with main deposits, such as Balboa, Botija, Colina and Valle Grande. The Trident segment includes the Sentinel copper mine and the Enterprise Nickel development project. Its Ravensthorpe Nickel Operation is an open pit mine and primary processing plant located in the southwest of Western Australia.


TSX:FM - Post by User

Post by TELEMARKERon Dec 19, 2023 4:52pm
210 Views
Post# 35792596

mining.com

mining.com

Panama rejects Orla Mining’s request for permit extension

Cerro Quema gold project in Panama. (Image courtesy of Orla Mining.)

Orla Mining (TSX: OLA)(NYSE: ORLA) said Monday that the Panamanian government had rejected the company’s request for permit extensions at three mining concessions that made up its Cerro Quema gold project.

The Vancouver-based miner said the government went as far as to declare the area comprising the concessions to be a reserve area, cancelling them altogether.

Orla, which also has assets in Mexico and in the US state of Nevada, said it would continue to monitor developments in Panama. 

It also noted the situation in the Central American country, which recently forced First Quantum (TSX: FM) to shut down its giant Cobre Panama copper mine, remained uncertain and evolving quickly.

Orla added it has decided to not consider any further spending toward developing the Cerro Quema project.

“The company will explore all legal remedies available to protect historical investments and potentially unlock additional value for its stakeholders, including taking measures to protect its rights under international law,” Orla said in the statement.

Cerro Quema’s development considers open pit mining of 21.7 million tonnes of ore from the La Pava and Quema-Quemita pits. The operation, planned to be built in multiple phases, is estimated to be able to produce 81,000 ounces of gold over an estimated six-year mine life.

During the construction stage, Orla estimates that it would generate 3,600 direct and indirect jobs and 1,200 during operations.

Pressed by massive protests against mining in Panama, the government of Laurentino Cortizo passed a bill on Nov. 2 banning all new mining concessions and permit extensions in the country.

Other companies active in Panama include Franco-Nevada (TSX, NYSE: FNV), Antler Gold (TSX-V: ANTL) and A.I.S. Resources (TSX-V: AIS).

It remains unclear how the ongoing developments will affect their projects and operations. 


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