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Canadian mining company First Quantum Minerals has announced its intention to sell the 120,000 tonnes of copper concentrate stored near the Punta Rincon port in Panama. The decision comes as a response to the lack of available options for financing essential activities, including preservation and safe operations. The company believes that selling the copper concentrate is the most viable alternative to generate resources to cover these costs.
In December, the Panamanian government ordered the shutdown of First Quantum's Cobre Panama mine following widespread protests across the country. Since then, the company has been seeking permission from the Panamanian government for the safe closure of the mine. First Quantum estimates the monthly cost of financing essential preservation activities to be between $15 million and $20 million.
The company emphasises that the removal of the stored material is necessary to prevent potential security and health issues. First Quantum has communicated these risks to Panama's trade ministry and extended an invitation for them to monitor the process. Shares of First Quantum were down 0.6% at C$12.63 in Toronto late on Monday afternoon. The Panamanian government has not provided an immediate response to the situation.
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