TORONTO Dec 10 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.