Panamas first copper export transits canal

The “Missy Enterprise” transited the Panama Canal on Friday, June 21 carrying the first 31,200 tons of copper concentrate exported from the country. to the world.

It is the first of a total of twelve projected transits this year which will raise $1.5 million in tolls as the cargoes head for the Asian continent.

The ship began loading the concentrate on Friday, June 14. marking the introduction of Panama as a copper ore exporting country.

The mine is located in Donoso, Colon, and represents a $6.3 billion investment by Minera Panama, subsidiary of Canadian First Quantum Minerals.

The project has a 300 MW power plant connected to the national electricity grid and in an international port of two terminals in Punta Rincón.

Between 125 and 250 thousand tons per day are processed in the mill, which the company says, is expected to process between 85 and 100 million tons annually.

Among the contributions that the company has made to Panama is the generation of more than 10,000 jobs for Panamanians in its construction phase, It made a contribution of $118 million to the Social Security Fund, in 2018.

In addition to more than $58 million to the sustainable development of the communities of Donoso and La Pintada; it t has also allocated more than $34 million to the country’s environmental conservation.
Source: MENAFN