First Quantum Minerals Ltd.(«First Quantum» or «the Company») (TSX:FM) announced today that the first shipment of copper concentrate from Cobre Panamahas left port. This shipment is the first from the operation and a significant milestone of the ongoing ramp-up. Cobre Panama is the Company’s newest operation located in the district of Donoso, Colon province, in the Republic of Panama, which commenced production earlier in the year.
The Missy Enterprise (a Panama flagged vessel), departed the Punta Rincon port at Cobre Panama on June 19, 2019 with a total load of 31,377 wet metric tonnes of copper concentrate as per the Captain’s draft survey. The next vessel, the Clarke Quay, has already docked at the Cobre Panama port and will be loading approximately 44,000 wet metric tonnes of copper concentrate over the next few days. Ongoing vessels are expected every 2-3 weeks.
This first shipment, at copper concentrate grades consistent with plan, is a significant milestone in the ramp-up at the Project. Cobre Panama remains on track to produce between 140-175,000 tonnes of copper in 2019 with more than 80% of production expected in the second half of the year and ramping up to over 300,000 tonnes of annual copper production over the next few years, consistent with Company guidance. More information will be provided when the Company reports second quarter financial and operating results in late July.