First Quantum warns of further winding down, copper prices jump
Top ten copper mine First Quantum (TSX:FM) said today that it is further ramping down operations at Cobre Panama.
The company said that a blockade is preventing supplies from reaching the mine.
"The ongoing presence of an illegal blockade of small boats at the Punta Rincón port continues to prevent the delivery of supplies that are necessary to operate the power plant," wrote the company in a news release. "If the illegal actions continue to prevent the delivery of supplies necessary to operate the power plant, MPSA will ramp down the remaining processing train this week and temporarily halt production."
Reuters reported that the company is considering putting the key Panama copper mine in care and maintenance mode starting this week.
Copper prices are up 3.91% over the past five days to $3.84.
In 2022 the mine produced 350,438 tonnes of copper ranking the company as a top ten copper miner.