LONDON, March 22 First Quantum Minerals Ltd
expects Cobre Panama - the giant copper deposit it will
own as a result of its takeover of Inmet Mining - to
begin producing on schedule, despite a hiatus as the project is
reviewed, the miner said on Friday.
First Quantum has long said it believes it can improve
development of the $6.2 billion Cobre Panama project, one of the
largest untapped copper deposits in the world but also currently
one of the most expensive.
First Quantum President Clive Newall told Reuters the
company would need a period of "several months" to assess the
project before it can establish cost cuts and how it can rein in
"There will be a hiatus of three to six months - whatever it
takes to do a comprehensive reassessment and renegotiations
where required - but our build time will be much shorter,"
Newall told Reuters.
"We have a two-year construction phase (at) our projects, so
we will be able to stick pretty closely to Inmet's schedule,
which was for commissioning at the end of 2016 or the beginning
Earlier on Friday, First Quantum said it had secured enough
shareholder support to take over Inmet, sealing a C$5.1 billion