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Cobre Panamá

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Description
Key Specs
Milestones Log and News
Related Companies by type, sector and country
Risk Overview
Key People

Project Stages

The development stages in the projects are displayed in the standard sequence for the industry. However, projects may be developed in a different sequence because of corporate decisions or events that push the owner to repeat stages. To access the full details of this project’s history please explore its milestones

Early Works

In Construction

Under Construction

Start: 05/2012

Completion: 12/2020

Operation

Current Stage Ramp up / Commissioning

Start:06/2018

Completion: 12/2020

Project Details

Description

The Cobre Panamá concession project, consisting of four zones totaling 13,600ha, will produce copper and molybdenum concentrate. Mine workforce levels will vary between about 317 and 563 people during the operating years.

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Milestones Log and News

Oct/30/2018

First Quantum expects swift clarification of Cobre Panamá ruling

Oct/08/2018

Cobre Panamá operator warns of US$100bn arbitration claim

Oct/03/2018

Minera Panamá starts legal proceedings over Cobre Panamá ruling

Sep/28/2018

Mining & Metals: The week in 10 stories

Sep/27/2018

Cobre Panamá concessions 'remain valid'

Sep/26/2018

Mining chamber 'deeply concerned' over Cobre Panamá ruling

Sep/25/2018

First Quantum seeks legal remedies over Cobre Panamá ruling

Aug/27/2018

Kores planning sale of Cobre Panamá stake

Jul/31/2018

First Quantum hits Cobre Panamá milestones

May/17/2018

LatAm mining financings surge to US$3bn

Apr/27/2018

First Quantum on track for 2018 commissioning at Cobre Panamá

Mar/26/2018

First Quantum announces return to work at Cobre Panamá

Principal Works

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Related Companies

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Name	Sector	Country	Relation
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* Figures and dates are as per the latest publicly available information, as well as information gathered by BNamericas reporters and analysts and are subject to change.
* Changes to original budget estimates are shown as the total figure available and may include interest, working capital, inflation adjustments and other contingencies in addition to capital expenditure.
* Amounts and overall results are shown in US dollars unless otherwise stated.
* BNamericas does not guarantee the sequence, accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. There are no express or implied warranties. In no event shall BNamericas, its agents, directors, officers, employees, representatives, successors, and assigns be liable for any damages of any nature in connection with BNamericas content.

Key Specs

Full Name

Cobre Panamá

Project Type

Copper, Open pit mining

Development Phase

Ramp up / Commissioning

Project Status

Active

Project Capacity

350,000 t/y (tons per year) Copper
Open pit mining

Investment

US$ 6.3bn

Completion Date

2021

Lifespan

Location

Cobre Panamá is located 120km west of Panama City and 20km from the Caribbean Sea coast, in Colon province's Donoso district.

* The map coordinates represent the approximate latitude and longitude, and not the exact location of the project.

Key People

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Owner / operator

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Director, Investor Relations

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Project Manager

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Country Manager

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Business Development Manager

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President and Director

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Name	Position	Company	Email	Phone Number
Minera Panamá S.A.	Owner / operator		info@minerapanama.com	507-2945705
Sharon Loung	Director, Investor Relations	First Quantum Minerals	sharon.loung@fqml.com	1-647-3463934
Ricardo Espinoza Horna	Project Manager	Stracon Panamá	ricardo.espinoza@stracon.com
Todd Cleweet	Country Manager	Minera Panama	todd.clewett@fqml.com
Harold Forsyth Sommer	Business Development Manager	Stracon Panamá	harold.forsyth@stracon.com
Clive Newall	President and Director	First Quantum Minerals	clive.newall@fqml.com	44-104-3273484

Definitions

Projects covered include state-owned and private projects in the Infrastructure, Electric Power, Oil & Gas (excluding upstream), Water and Waste, and Mining sectors.

Where applicable, a project is considered as such until the end of construction and ramp-up to full capacity (with the exception of mining projects, where the date of commissioning signifies the end of the project). Projects must have a:

a) Start date
b) Estimate for completion
c) Initial investment estimate

Data

For state-owned projects, initial information about the start date and estimates for completion and investment are taken from original signed contracts, along with addendums and annexes.

If original contracts cannot be obtained, information is taken from public documents, presentations, news articles from BNamericas archives, and external sources.

In cases where contracts are subject to approval by legislators, the start date is the date of the law or legislative approval.

In the case of private projects, information is taken from public sources, such as stock exchange filings, annual reports, company presentations, third party research and press releases.

In judging the timing of investment decisions for private projects, great care was taken to differentiate between large projects receiving environmental approval and proceeding directly to construction, and smaller projects where the investment decision hinges on securing financing.

Best care is taken to ensure that recorded data is correct at the time of entry and that each entry is backed with a relevant source.

The greatest care possible was taken to ensure consistency of information in order make a like-for-like comparison in project costs. Insofar as the figures rely on disclosure by the organization or company responsible, the figures can be considered to be conservative in nature.

No attempt was made to adjust figures for inflation during the course of research or for consideration of the time value of money.

Validation

In the case of state-owned projects, validation is carried out where possible with either a member of the consortium, EPC contractor, a relevant state agency or advisors to either party.

Currency

Projects costs are measured in US dollars. Where project costs are measured in a local currency, amounts are converted to US dollars at the date of the relevant announcement, signature or report.

Severity of deviation from original estimates

The severity of deviation from original estimates is defined according to set criteria.

Timing

Status	Condition
Ahead of time	95% of original estimate or below (measured in months)
On time	95% to 105% of original estimate
Minor changes	105% to 120% of original estimate
Medium changes	120% to 160% of original estimate
Major changes	Over 160% of original estimate

Budget

Status	Condition
Ahead of budget	95% of original budget estimate or below
To budget	95% to 105% of original budget estimate
Minor changes	105% to 120% of original budget estimate
Medium changes	120% to 140% of original budget estimate
Major changes	Over 140% of original budget estimate

Changes in Scope

Changes in scope beyond the start date are not accounted for.

Language definitions

Where guidance is non-specific as to dates for completion, the following is used.
Project to be completed by 2018 = December 31, 2017
Project to be completed in 2018 = December 31, 2018