Jan 28 First Quantum Minerals Ltd said
it expects to incur development costs of $6.4 billion for its
Cobre Panama copper project in Central America, as the Canadian
miner unveiled its revised capital cost estimate for its key
project after a month's delay.
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, had promised to
outline a revised estimate and schedule before the end of 2013.
However, in December, the company delayed releasing its cost
estimate and project schedule, saying it had to "correct a
number of acquired technical and logistical shortcomings."
The revised project will now have an installed capacity of
about 70 million tonnes per annum (Mtpa) for the first 10 years,
about 17 percent higher than the Inmet plan.
The project will be expanded up to 100 Mtpa beyond year 10,
the company said, while estimating the mine life to be 34 years.
The miner also signed a $2.5 billion five-year term loan and
revolving facility with its banks to primarily support its
First Quantum, which owns mines and projects across South
America, Africa, Europe and Australia, is poised to become one
of the world's largest copper producers over the next five
years, as a number of its projects including Cobre Panama begin