As reported in its Q3 2018 results First Quantum Minerals continues to tick off key milestones at Cobre Panama. The whole project is over 80% complete. The power station construction has been completed, with commissioning and ramp up progressing. The Set 1 power station generated power at nameplate capacity of 150 MW. The Set 2 power station successfully completed steam blows. The process plant and mine site are 74% complete with commissioning activities continuing in the quarter. Conveyor belt pulling commenced in the process plant and mechanical completion of the first in-pit primary crusher was achieved. Engineering is now considered complete and significant advancement on procurement was achieved.
Other key status areas for the construction of the project at the end of the quarter includes the mine pre-strip which is largely complete as the company prepares for operation and commissioning, and the tailings management facility earthworks at 77% completion, which continues to receive strong focus. There are 2,194 long-term operations personnel currently engaged and focused on recruitment, training and the development of operating procedures in support of operational readiness as well as supporting commissioning and progressively operating the commissioned plant. Phased commissioning will continue on the project through the remainder of 2018 with further ramp-up
scheduled over 2019 and 2020.
“Our operations continued to deliver in the third quarter relative to plan. Development of our Cobre Panama project progressed on schedule with some significant milestones achieved,” noted Philip Pascall, Chairman and CEO. “Our financial results reflect the positive operational quarter, increased sales volumes and a higher realized copper price which was positively affected by our copper sales hedge program. The success in the quarter provided the opportunity to increase our copper and zinc production guidance, slightly adjust our gold production expectation while maintaining our projected low unit cost of production. We also remain on track to deliver significant production growth in the coming years with the development of Cobre Panama,” Pascall concluded.