First Quantum progressing with financing for Cobre Panamá
First Quantum Minerals plans to secure up to US$2.5bn of project financing for its US$5.48bn Cobre Panamá copper-gold project.
The Canadian company is in talks with its lending group to progress the financing, one of a number of initiatives aimed at strengthening its balance sheet in response to pressure from weak copper prices.
First Quantum was only able to begin work on the proposed financing following conclusion of a revised US$1bn streaming deal with Franco-Nevada, company president Clive Newall told its Q1 earnings call.
The company expects to invest US$300mn advancing the Panama project in the remainder of 2016, with third parties investing US$200mn.
First Quantum spent US$93mn at the project in Q1, and expects to invest a further US$1.27bn post-2016, on top of US$850mn by third parties, including 20% owner Korea Panama Mining Corporation.
Commissioning and production ramp-up is planned for 2018, with output expected at 320,000t/y copper over a 40-year mine life.
The company has reduced the total capex estimate for the project from US$6.43bn, and sold its Kevitsa mine in Finland to help fund development.
First Quantum continues to advance earthworks at Cobre Panamá and is developing a power station that is expected to begin operations in 2017.
The company also has mines in Africa and Australia and the Haquira project in Peru.
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