First Quantum Minerals Ltd has increased their output estimate for the “Cobre Panama project in Central America [saying it] should produce about 20 percent more copper than previously planned, but initial production will be delayed and development costs will be higher, the company said on Tuesday,” report Reuters.
“Vancouver-based First Quantum, which bought the huge copper project in Panama via its C$5.1 billion ($4.8 billion) takeover of rival Inmet Mining last year, said after a lengthy review it now expects output of 320,000 tonnes a year, 20 percent more than Inmet had planned.”
“It also estimated a higher capital cost for the project at $6.4 billion, up $200,000 from the Inmet estimate and said production would start in late 2017, roughly a year later than Inmet had expected.”
In metal price news for copper…
The cash price of Japanese copper experienced the biggest price decline of the day, dropping 1.4 percent to close on Tuesday, January 28. The price of US copper producer grade 110 weakened by 0.2 percent. The price of US copper producer grade 122 declined 0.2 percent. The price of US copper producer grade 102 saw a 0.2 percent decline.
Chinese copper prices were mixed for the day. Chinese copper bar ended the day, after the 1.1 percent drop yesterday. The cash price of Chinese copper fell 1.0 percent. The price of Chinese copper wire declined 0.3 percent. The price of Chinese bright copper scrap continues to hover for the fifth day in a row.
The cash price of primary copper weakened by 0.1 percent on the LME, settling at $7,230 per metric ton. The copper 3-month price saw a 0.1 percent decline on the LME to $7,200 per metric ton.