First Quantum delays cost update on Cobre Panama project

TORONTO Tue Dec 10, 2013 9:53am EST

TORONTO Dec 10 (Reuters) - The revised capital cost estimate and project schedule for First Quantum Minerals' Cobre Panama copper project in Central America is taking slightly longer than expected and is now likely to be completed in early 2014, the company said on Tuesday.

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 this year, had promised to outline a revised estimate and schedule before the end of the year.

"The update on the Cobre Panama project early in 2014 will be the culmination of a comprehensive review and re-engineering of all aspects of the project's development," said First Quantum Chief Executive Philip Pascall in a statement. "We had intended to publish the update earlier, however we have had to correct a number of acquired technical and logistical shortcomings so it is taking slightly longer than anticipated."

Shares in First Quantum fell 2.2 percent to C$17.16 in early trading on the Toronto Stock Exchange.

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