First Quantum delays Cobre Panama project update

Canada's First Quantum Minerals said the revised capital cost estimate and project schedule for its Cobre Panama copper project in Central America is taking longer than expected and is now only likely to be completed in early 2014.

First Quantum, which bought the huge copper project in Panama via its $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 company 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 production.

Source: Reuters