Cobre Panama is the world’s newest and largest copper mine, located in the Donoso District of the Colon Province of Panama. This mining project, run by First Quantum Minerals, has been in operation since 2018 – and it has already earned its place among the top ten largest mines by tonnage extracted in the world.
The mine itself is an open-pit operation that runs on a 24-hour basis and covers 16 square kilometres. It is the first of its kind in the Panamanian mining industry, and it is expected to bring in an estimated US$7 billion over the course of its 25-year lifespan.
With an estimated deposit of 2.2 billion tonnes of ore, Cobre Panama is one of the biggest copper deposits in the world. This has allowed First Quantum to ramp up production and achieve record-breaking production levels in just its first few years of operations. In 2018, the first full year of production, Cobre Panama extracted 809 thousand tonnes of copper. This number was significantly strengthened in 2019 with 1.3 million tonnes of copper extracted, and again in 2020 to 1.8 million tonnes.
The success of Cobre Panama also has a positive impact on Panama’s economy itself. Since its inception, the mine has created jobs and significantly increased wages and benefits for Panamanian workers. The mine is also helping to boost Panama’s exports, as the country can now export copper ore to other countries around the world.
The success of Cobre Panama is an amazing story and testimony to the hard work of First Quantum. With the right team in place and a commitment to safety and sustainability, Cobre Panama is expected to remain one of the world’s top copper mines for decades to come.
