Cobre Panama is a large open-pit copper development project in Panama. The concession is located 120 kilometres west of Panama City and 20 kilometres from the Caribbean Sea coast, in the district of Donoso, Colon province, in the Republic of Panama. The concession consists of four zones totalling 13,600 hectares.
Following the completion of our acquisition of Inmet Mining in April 2013, First Quantum assumed an 80% equity interest in Minera Panamá, S.A. (“MPSA”), the Panamanian company that holds the Cobre Panama concession. MPSA was incorporated under the laws of the Republic of Panama in January 1997 and has a mineral concession to explore and exploit the Cobre Panama property.
Access to the project area is via the Pan-American Highway system from Panama City to Penonome, surfaced all-weather roads to Llano Grande, and gravel roads via the town of Coclecito.
The topography in the concession area is low elevation (less than 300 metres) but rugged with considerable local relief covered by dense rainforest. Climatic conditions are tropical with high precipitation levels, high humidity and relatively high temperatures of 25ºC to 30ºC year-round.
The port site includes facilities for filtration / concentrate storage and load-out to ocean-going vessels, coal receiving facilities, a barge berth, and inbound/export freight handling and storage facilities, 300MW power plant and its operating systems as well as a large quarry and a portion of the coastal access road.
The project site located in Colon Province is approximately 20 km north of the Continental Divide that bisects the northern and southern parts of Panama. The port site location at Punta Rincón is N9°02′ and W80°41′.
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