Because it could not work at Punta Rincon, First Quantum halted ore processing operations on Feb. 23 after reaching the maximum storage level of copper concentrate - about 100,000 tonnes - at the mine in Panama's Donoso district. About 60% of the copper concentrate exported through Punta Rincon is destined for factories in China. The rest is exported to other markets including Spain and Germany. (Reporting by Milagro Vallecillos; Editing by Daniel Wallis)
Messaging: dave.graham.thomsonreuters.com@reuters.net)) (Corrects figure in paragraph 5 of March 11 story to show
maximum storage level is 100,000 tonnes, not 10,000 tonnes)
PANAMA CITY, March 11 (Reuters) - Panama's Maritime
Authority has lifted a suspension on First Quantum Minerals'
operations at the port of Punta Rincon, which the Canadian
company uses to export copper concentrate from its key Cobre
Panama mine, company sources said late on Friday.
Two spokespersons for Minera Panama, First Quantum's Panama unit, told Reuters the suspension dated Jan. 26 had been
ended, which was confirmed by a source at the Maritime
Authority.
The company, which spent weeks at loggerheads with Panama
over Cobre Panama, had said that once the suspension ended, it
would be able to resume activity at the port quickly.
The Panamanian government and First Quantum said on
Wednesday they had agreed on the final text for a new contract
on the operations of Cobre Panama, which accounts for about 3.5%
of the country's gross domestic product.
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