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FireFly’s Green Bay project leads Canada in spending efficiency for copper

Colin McClelland | August 25, 2026

A new economic study and resource update for FireFly Metals’ (ASX, TSX: FFM) Green Bay project in north-central Newfoundland positions it as one of Canada’s top undeveloped copper projects by value and capital efficiency.

The preliminary economic assessment (PEA) gives Green Bay a A$2.2 billion (C$2.1 billion) net present value – discounted at 7% in a base case – as well as an internal rate of return (IRR) of 42% and at initial costs of A$513 million, FireFly reported Tuesday.

Green Bay could produce 1.8 million tonnes per year over a 32-year life.

Top ranking economics

By capital efficiency, Green Bay leads projects in the country with an after-tax NPV more than four times higher than initial capital costs. That’s ahead of Canadian Copper’s (CSE: CCI) Murray Brook-Caribou project in New Brunswick, whose NPV is almost triple its costs.

Canada-wide, Green Bay ranks third by NPV for undeveloped copper-gold projects, behind Seabridge Gold’s (TSX: SEA; NYSE: SA) KSM in British Columbia in first with C$9.9 billion and Western Copper and Gold’s (TSX, NYSE-AM: WRN) Casino project in Yukon at second.

The study strengthens Green Bay’s potential to become a cornerstone of Newfoundland and Labrador’s mining sector, where no primary copper mines are operating and only one gold mine is in commercial production.

‘World scale’ project

“Once in production, Green Bay has the potential to be one of the biggest copper mines in the world outside those owned by the multi-nationals and diversified mining giants,” FireFly Managing Director Steve Parsons said in a release. “This means FireFly offers investors virtually pure copper exposure via an asset with genuine world-scale in a tier-one location.”

FireFly shares were flat at C$1.87 apiece on Tuesday morning in Toronto, valuing the company at C$1.4 billion. The stock has traded in a 12-month range of C$1.04 to C$2.30.

The PEA assumes a copper price of $5 per lb., a gold price of $3,500 per oz. and a silver price of $44 per ounce.

Green Bay is near the town of Baie Verte, 600 km northwest of St. John’s.

34% more copper

The PEA includes a resource update for Green Bay, which raises contained copper in the measured and indicated categories by 34% to 1.1 million tonnes over the previous estimate from last November. Tonnage rose by 19% to 60.2 million tonnes grading 1.9% copper and 0.5 gram gold per tonne and 4.2 grams silver. Contained gold grew by 66% to 908,000 oz. and contained silver by about 63% to 8.1 million ounces.

Inferred resources declined almost 20% because 69,539 metres worth of underground drill data converted significant amounts of material into the higher categories.

FireFly plans to release a feasibility study for Green Bay in next year’s first quarter, with a final investment decision in the second half of 2027. First concentrate could potentially be produced in mid-2029.

The company also plans to raise A$180 million through equity sales to advance the feasibility study, fund resource growth and other early project works. A$150 million is to be allocated for ASX institutional placement of new shares and the rest on a Canadian bought deal private placement.

US preps $1.1B loan for Ivanhoe’s Santa Cruz copper project

Blair McBride | August 24, 2026


A view of the drill site at Ivanhoe Electric’s Santa Cruz copper project. Credit: Ivanhoe Electric

Ivanhoe Electric (NYSE-A, TSX: IE) has inched towards receiving $1.1 billion in debt financing from the U.S. Export-Import Bank (EXIM) to develop its Santa Cruz copper project in Arizona.

The bank increased its potential loan for Santa Cruz by a third compared with a letter of interest from April last year, Ivanhoe reported Monday. The new letter represents the completion of U.S. EXIM’s preliminary due diligence on the project, about 65 km southeast of Phoenix.

“Our country has entered an extraordinary era of demand growth for copper, which is central to all forms of electricity generation, transmission and consumption as well as advanced manufacturing, artificial intelligence, and our national security,” Ivanhoe Electric Executive Chairman Robert Frieldland said in a release.

“At Santa Cruz, we are building a modern American copper mine capable of producing 99.9% pure copper metal, without a smelting process, to support American industry and supply chain security. We appreciate U.S. EXIM’s strong support and will continue to work together as we develop our Santa Cruz Project into America’s next major copper producer.”

Follows Trump support
The EXIM letter comes just weeks after U.S. President Donald Trump publicly voiced support for financing Santa Cruz at an Aug. 7 mining roundtable at the State Department. The project could become one of the first major new U.S. copper mines in almost 20 years and comes with an estimated initial cost of $1.24 billion according to last year’s preliminary feasibility study (PFS).

Company shares gained 1% to $16.03 apiece on Monday morning in Toronto, for a market capitalization of $1.8 billion. The stock has traded in a 12-month range of $11.04 to $28.81.

Ivanhoe Electric CEO Taylor Melvin called the EXIM letter a “major milestone” for the project financing process.

“We look forward to working together with the outstanding team at US EXIM towards completion of our debt financing facility.”

September feasibility update
Ivanhoe expects to complete an updated preliminary feasibility study for Santa Cruz next month. The update is to incorporate the plans for underground mine access using a tunnel boring machine and other engineering and development work.

Santa Cruz could produce 72,000 tonnes of copper annually during the first 15 years of a 23-year life, according to the PFS. At $4.25-per-lb. copper, it estimated an after-tax net present value of $1.4 billion, a 20% internal rate of return and cash operating costs of $1.32 per pound.

Site prep
Crews have started clearing roads, building fences and preparing the portal excavation at the site, Melvin told The Northern Miner earlier this month. Box-cut construction is expected to start soon, ahead of the arrival and assembly of the tunnel-boring machine in the first half of next year.

The company plans to start driving the decline in mid-2027 and reach the copper reserve about a year later. Ivanhoe hopes to place the first ore on its leach pads in the second half of 2028 and produce its first cathode in the first half of 2029, Melvin said. Surface work on the crushing, leaching and cathode plants would proceed in tandem with underground development.

Ivanhoe has secured its mine-land reclamation, air-quality, dust-control, aquifer-protection and land-use permits for the initial work. It is applying for the remaining approvals required for surface construction and production.

South32 boosts Sierra Gorda ore reserve estimate by 61%

Staff Writer | August 24, 2026 |


The Sierra Gorda mine in Chile. (Image courtesy of KGHM)

South32 announced Tuesday updated ore reserve and mineral resource estimate (MRE) for the Sierra Gorda copper mine in Chile.

The updates, the company said, reflect enhanced orebody definition following successful infill drilling programs, with approximately 85,000 metres from 200 drillholes completed between 2023 and 2025.

The updated estimates as of July 31 2026 reflect a 61% increase in the ore reserve estimate to 1,100 million tonnes, averaging 0.39% total copper, 0.016% total molybdenum and 0.06 g/t gold, at a total copper equivalent grade of 0.46%.

An extension of the initial reserve life by approximately five years to 2045; and an MRE of 1,870 million tonnes, averaging 0.37% total copper, 0.016% total molybdenum and 0.06 g/t gold, at a total copper equivalent grade of 0.44%.

Sierra Gorda is a large, conventional, open pit copper mine located in the Antofagasta region of northern Chile with modern processing equipment onsite. The copper concentrate produced at the operation is transported by truck and rail to the ports of Antofagasta and Angamos for international export to end markets.

“This update highlights the scale, quality and long-life orebody at Sierra Gorda, which we expect will be a significant source of copper for decades to come,” South32 CEO Matt Daley said in a news release.

“It follows the approval in July to proceed with execution of the fourth grinding line project at Sierra Gorda, which is expected to increase copper production by approximately 30% from 2031,” Daly said.

“With the current orebody remaining open at depth, the mine offers potential for further growth beyond today’s increase to ore reserve and reserve life. We continue to work with our joint venture partner to drive further growth and value at Sierra Gorda.

Sierra Gorda includes the Catabela Northeast exploration project, where exploration holes have intersected significant copper mineralisation, highlighting the potential for future mine life extension, the company said.

South32 acquired a 45% interest in Sierra Gorda in February 2022 and has joint control alongside 55% joint venture partner KGHM Polska Miedź.

Michigan approves $50m grant for Highland’s Copperwood project
The award includes funds for project infrastructure and County Road 519 works, subject to financing and job conditions.

Shree Mishra August 26, 2026

ighland Copper has received final approval for a $50m (C$69.37m) grant from the State of Michigan, US, to support its Copperwood underground project and related infrastructure in Gogebic County.

The Michigan Strategic Fund approved the performance-based funding under the Strategic Site Readiness Program, the company said. Highland added that no further State of Michigan approvals are required.

The award includes $45m for Copperwood Resources, a fully owned subsidiary of Highland Copper, to support eligible infrastructure spending associated with the project’s development. A further $5m will go to the Gogebic County Road Commission for local infrastructure improvements associated with the project and benefitting the broader region.


The road commission has also secured a $7.5m Transportation Economic Development Fund Category A grant from the Michigan Department of Transportation, according to Highland. The company said the two grants together will provide around $12.6m for improvements to County Road 519.

Those works are intended to improve road safety, reliability and access. The wider grant funding will be provided through performance-based reimbursements for eligible site readiness and infrastructure spending including roads, power and communications infrastructure required to advance Copperwood.

Highland said the final approval followed a review of the project and was recommended by the Michigan Economic Development Corporation.

The investments are also expected to deliver broader regional benefits through improved transportation, utility infrastructure and cellular and broadband connectivity, according to the company.

The grant is subject to completion of a definitive grant agreement with the Michigan Economic Development Corporation (MEDC). It is also conditional on Highland providing evidence on or before 31 March 2028 that it has obtained commitments satisfactory to the MEDC for $150m in additional project financing.

Once the company demonstrates that it has met that project milestone, it will be eligible for reimbursement of expenditures made on or before 31 March 2033 on site preparation and improvement necessary to support the development of the project.

The grant is also subject to certain completion milestones, including that the company has established a minimum of 380 qualified jobs at the project.

Highland CEO Barry O’Shea said: “Final approval of this $50m investment represents an important milestone for Copperwood and a strong endorsement of the project’s potential to deliver meaningful economic benefits to Michigan’s Upper Peninsula while meeting the state’s rigorous environmental standards.

“This funding also represents an important milestone in the overall project financing. With this grant secured, in addition to the Letter of Interest from the US Export Import Bank, Highland’s capacity to finance Copperwood is considerably strengthened.”

Copperwood Resources is pursuing development of the fully permitted Copperwood Mine Project in the Wakefield and Ironwood townships.

Highland said the project seeks to invest around $425m in environmental controls, equipment, infrastructure improvements, mine development, operational facilities and site preparation.

Construction activities are expected to begin in 2028, with commercial production anticipated in 2030.

Codelco, Pucobre create JV to develop Tovaku copper mine in Chile
The new entity will see Pucobre hold a 60% ownership stake, while Codelco will own the remaining 40%.

Shree Mishra August 26, 2026

Codelco and Pucobre have formed a joint venture (JV) company to develop the Tovaku copper project in northern Chile.

The project is situated around 70km east of Tocopilla in the Antofagasta Region.

Pucobre will hold a 60% stake in the new entity and Codelco the remaining 40%, extending a partnership that began in 2009.

The official signing took place at Codelco’s headquarters in Santiago. It was attended by Codelco board chairman Bernardo Fontaine and CEO Jorge Gómez, as well as Pucobre vice-president Cristián Arnolds and general manager Sebastián Ríos.

The agreement signals the start of the next phase, which will focus on detailed engineering, securing environmental and sectoral permits, and early construction work.

Gómez said: “Tovaku reflects a project with a clear path and a focus on value creation. The challenge now is to move forward responsibly to transform this resource into new copper production in a safe, competitive and sustainable manner, while also generating employment opportunities and local development.”

The Tovaku project involves an estimated investment of $870m (794.58bn pesos) and is targeting annual production of 46,000t of copper cathodes.

It contains 633 million tonnes of reserves and is expected to operate for 21 years.

Early activities are expected to include site preparation, procurement of major equipment, obtaining critical permits and finalising technical engineering needed to begin construction.

The companies aim to begin production by 2030.

Codelco will provide the mining concessions required for the project, while Pucobre will contribute existing technical studies and finance the development and construction phases.

Under the agreed structure, Codelco will not make any capital contributions and Pucobre will recover its investment through future distributions.

Arnolds said: “Tovaku demonstrates the potential and capacity of Chilean medium-sized mining companies to develop demanding projects. As the Pucobre board, we embrace this challenge, convinced that this alliance with Codelco will create value for both companies and for Chile.”

Tovaku will be developed as an open-pit mine with mineral resources at shallow depths and low acid requirements for processing.

The project will use untreated seawater, aiming to reduce demand for continental water supplies.

These operational factors are expected to support efficiency and reduce the risks typically associated with early mine development.

Lloyds Metals allowed to ready restart of giant Papua New Guinea copper mine in Bougainville

Bloomberg News | August 12, 2026


Lihir mine in Papua New Guinea. (Image courtesy of Newcrest Mining)

An Indian iron ore producer was authorized to work toward restarting a giant Papua New Guinea copper mine that’s been closed for almost 40 years and was once a flash point in a brutal civil war.

Lloyds Metals & Energy Ltd. was given permission on Aug. 7 to carry out “an approved programme of preparatory works and feasibility activities” to “properly assess and plan the future redevelopment of the Panguna mine,” the Autonomous Bougainville Government said in a statement.

While the mining lease containing the shuttered mine belongs to a government-owned firm called Bougainville Minerals Ltd., Lloyds is the “approved development partner” of that company, according to the statement.

The project is part of a global dash for copper as the trend toward electrification is expected to boost demand for the wiring metal in the years ahead. The efforts to revive the dormant asset also reflect the desire for economic development in Bougainville – impoverished islands that are currently an autonomous region within Papua New Guinea but seeking independence.

Lloyds has a fast-growing iron ore business in India and recently invested in two copper mining companies in the Democratic Republic of Congo. The firm, which is little-known outside its home country, managed to beat off competition from one of the world’s largest copper producers, China’s CMOC Group Ltd., to emerge as the Bougainville government’s favored partner for the ambitious — and likely costly — venture.

Panguna’s remaining reserves are estimated at 5.3 million tons of copper and 19.3 million ounces of gold, which would be worth about $160 billion at today’s prices. However, the mine was closed down in 1989 under the ownership of Rio Tinto Group due to local protests over environmental damage and revenue distribution, which degenerated into a civil conflict that killed as many as 20,000 people. A decade ago, Rio gave away its majority interest in the firm which then held the license.

Lloyds intends to revalidate the resource base, according to a presentation published by the company on Aug. 10.

Bougainville Minerals – via Lloyds – isn’t yet permitted to begin construction or production, according to the statement. Those phases will require separate approvals and the “redevelopment of Panguna will proceed one step at a time,” it said.

The Panguna project represents a “very positive moment for the company” but is “still under study,” Lloyds Managing Director Rajesh Gupta said on an earnings call on Tuesday. Providing forecasts about probable time frames and expenditure “at this stage is impossible,” he said.

Lloyds didn’t respond to a request for further comment.

The 25-year mining lease was granted to Bougainville Minerals in June after the government revoked an exploration license covering the same area from Australia-listed Bougainville Copper Ltd. The government already controlled almost 74% of Bougainville Copper, with half of that stake held by Bougainville Minerals.

Cobre Panama restart hopes rise as thousands return to mine

Staff Writer | August 11, 2026

First Quantum Minerals’ (TSX: FM) hopes of restarting its halted Cobre Panamá copper mine received a boost this week as government officials met workers and suppliers while weighing the giant operation’s future.


Commerce and Industries Minister Julio Moltó toured the Donoso, Omar Torrijos Herrera and La Pintada regions to meet mine workers, local authorities and suppliers, with their proposals to be considered by the government’s interministerial commission reviewing the halted mine’s future.

The government authorized First Quantum in April to remove and process stockpiled ore. The activity now supports about 3,200 direct jobs and more than 3,000 indirect positions, according to figures presented during the meetings. More than 91% of workers are Panamanian and 17% are women.

Moltó said the discussions demonstrated the depth of skilled labour developed around Cobre Panamá, highlighting professionals and technicians who have spent years building careers around the operation.

Restart groundwork

For First Quantum investors, the consultations add to signs of gradual activity around an asset that was once one of the company’s biggest earnings and cash-flow generators.

The company restarted one of the mine’s three milling trains in May and produced its first concentrate in June, CEO Tristan Pascall said during First Quantum’s second-quarter results. Processing subsequently shifted to a second train as part of a maintenance cycle.

By the end of June, First Quantum had processed 2.1 million tonnes of stockpiled ore and produced about 3,200 tonnes of contained copper. Its first shipment is expected this month.

About 38 million tonnes of stockpiled ore remain, containing an estimated 70,000 tonnes of recoverable copper. First Quantum expects that inventory to support roughly 12 months of processing at the current rate.

The processing of stockpiles also keeps critical pieces of Cobre Panamá, including the port and power plant, functioning while the government considers its longer-term decision.

That could matter to the speed of any restart. First Quantum estimates Cobre Panamá would require about 6,000 workers at full operation, and the company has identified hiring and training specialized employees as a potential constraint.

Once a framework is agreed and the required approvals are secured, the company estimates Cobre Panamá could reach 80% to 90% of capacity within six to nine months.

Road ahead

Cobre Panama has remained idle since late 2023, when Panama’s Supreme Court ruled First Quantum’s 20-year mining contract unconstitutional following widespread environmental and governance protests. The shutdown erased about 4.5% of Panama’s GDP, according to IMF data, removed more than 1% of global copper supply and eliminated about 40% of First Quantum’s revenue.

Since taking office in 2024, President José Raúl Mulino’s administration has authorized sales of stockpiled concentrate, restarted the mine’s power plant and completed an environmental audit that found the operation was 87.7% compliant with its environmental commitments.

First Quantum has also suspended its $20 billion arbitration claim against Panama while discussions over the mine’s future continue.

Sweden gives go-ahead to Boliden copper mine project

Reuters | August 12, 2026

The Swedish government said on Wednesday it has given Boliden BOL.ST the green light to proceed with the company’s copper mine project in Laver, northern Sweden.


Project still needs approval from Sweden’s Land and Environment Court.

Extraction of the Laver deposit could double Sweden’s production of copper and increase the EU’s total production by 10%, the government said in a statement.

Project will reduce a dangerous import dependence in Europe, it added.

Located near an old mine, the new mineralisations were discovered by Boliden in 2007. Boliden applied in 2014 for a mining concession but this was initially rejected. The group applied again in 2024.

The Mining Inspectorate had given the go-ahead last year, but the decision was appealed and went to the government for a ruling.

Vale speeds Salobo copper expansion, cuts costs

Colin McClelland | August 13, 2026 |

Vale’s (NYSE: VALE) Base Metals (VBM) unit is adding about 30,000 tonnes of annual production at its Salobo mine, Brazil’s largest copper operation, after cutting capital costs and accelerating first production by about a year.

The coarse particle flotation (CPF) expansion is expected to lift Salobo’s total throughput by 6 million tonnes to 42 million tonnes a year and include about 15,000 oz. of gold byproduct. Vale cut the project’s estimated capital cost to about $215 million from an earlier range of $225-$275 million, while Wheaton Precious Metals (TSX, NYSE: WPM) will contribute $40 million under an amended streaming agreement. First production is targeted for the first half of 2028.

“This project will allow us to produce more copper, more efficiently, using existing infrastructure while improving environmental performance,” Vale Base Metals CEO Shaun Usmar said in a release. He highlighted the company’s “ability to unlock significant value and growth from world-class assets through execution, innovation and astute capital allocation.”

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Resolution Copper awards $110m contracts for Arizona mine

The underground mine is situated in Arizona’s Copper Triangle, about 60 miles east of Phoenix.

Shree Mishra August 10, 2026

Resolution Copper has selected Major Drilling America and Redpath USA Corporation for contracts totalling around $110m as part of efforts to develop its proposed underground copper mine in Arizona.

The mine is situated in Arizona’s Copper Triangle, about 60 miles east of Phoenix, and is expected to be capable of meeting up to a quarter of annual US copper requirements.

These contracts form part of an early phase within Resolution Copper’s planned $500m investment programme.
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Lion Copper’s Yerington now ranks among Nevada’s largest red metal deposits

Blair McBride | August 4, 2026


A drill rig at Lion Copper’s Yerington project in Nevada. Credit: Lion Copper & Gold

An initial resource for Lion Copper & Gold’s Bear deposit in Nevada establishes Bear as one of the state’s largest undeveloped red metal resources while the deposit sits on the larger Rio Tinto backed Yerington project.


The estimate outlines about 1 billion indicated tonnes grading 0.29% copper for 6.7 billion lb. contained metal, and 1.7 billion inferred tonnes at 0.22% copper for 8.7 billion lb. of copper, Lion reported Tuesday. Bear sits in the larger Yerington project, about 34 km west of the state capital Carson City.

“Bear provides a strong foundation for future engineering studies while also presenting significant opportunities to further upgrade and expand the inferred mineral resource through additional drilling,” Lion Copper and Gold CEO John Banning said in a release. “The Bear deposit materially strengthens Lion’s copper endowment and reinforces the exceptional geological potential of the Yerington Copper District.”

Among Nevada’s biggest

The Bear resource lifts Lion’s main Yerington project among Nevada’s largest undeveloped copper projects, significantly expanding the company’s copper inventory beyond the reserves and resources already outlined in last year’s pre-feasibility study (PFS).

Including reserves from Yerington, Lion’s Nevada copper base now totals about 19 billion lb. of global contained copper, putting it ahead of Hudbay Minerals’ (TSX, NYSE: HBM) Mason project which hosts 15.3 billion contained lb., and Southwest Critical Materials’ Pumpkin Hollow project with 7.3 billion lb. of contained metal.

Yerington hosts 506.6 million tons in proven and probable reserves grading 0.21% copper for 2.1 billion lb. contained metal, according to the PFS released in August 2025. Those reserves also include the MacArthur deposit.

Yerington’s $694M value
That study estimated Yerington could produce about 120 million lb. of copper cathode annually over a 12-year life. Discounted at 7%, the project has a post-tax net present value of US$694 million and a 14.6% internal rate of return, at initial capital costs of US$724 million.

Both Bear and Yerington are included in the option to earn-in agreement with Rio Tinto and its Nuton subsidiary, Lion said. Nuton has the right to acquire 65% of the project in a new company.

Nuton has been testing its proprietary heap-leach technology at Yerington since 2022. The Rio Tinto subsidiary has deployed its technology for commercial use at Gunnison Copper’s (TSX: GCU; US-OTC: GCUMF) Johnson Camp mine in neighbouring Arizona.

Le cuivre inscrit de nouveaux records entre risque tarifaire et tensions sur l'offre
Les contrats à terme américains sur le cuivre ont dépassé 6,70 dollars la livre jeudi, établissant un nouveau record alors que le marché est soutenu par la perspective de droits de douane aux Etats-Unis et par de nouvelles incertitudes concernant l'offre minière mondiale.

Valentin Aufrand Publié le 06/08/2026 zonebourse

Une part importante du mouvement provient de l'écart croissant entre le cuivre coté aux Etats-Unis et la référence londonienne. Les investisseurs attendent toujours une décision concernant l'instauration progressive de droits de douane sur les importations américaines de cuivre raffiné, initialement envisagés entre 15% et 30%. Cette perspective a encouragé les négociants à accélérer leurs expéditions avant une éventuelle entrée en vigueur des taxes. Plus de 200 000 tonnes de cuivre ont ainsi atteint les ports américains en juillet, soit le volume mensuel le plus élevé depuis au moins 2014, renforçant directement la tension sur les contrats cotés aux Etats-Unis.

Alors que cette distorsion tarifaire soutenait déjà les cours, de nouvelles inquiétudes sont apparues du côté de l'offre. La République démocratique du Congo a interdit avec effet immédiat les exportations de concentrés de cuivre et de cobalt, dans le but d'encourager leur transformation sur place et de conserver une part plus importante de la valeur ajoutée minière. L'impact à court terme pourrait rester limité par la possibilité d'accorder des dérogations et par le fait qu'une large part du cuivre congolais est déjà exportée sous une forme raffinée, mais la mesure renforce la perception d'un durcissement des politiques minières dans les grands pays producteurs.

Les préoccupations ont également été accentuées par la suspension des travaux du projet Andes Norte par Codelco, à la mine chilienne d'El Teniente, après l'identification de nouveaux risques sismiques. Une interruption pouvant atteindre deux ans a été évoquée par un représentant syndical, sans être confirmée par le groupe. Même si l'exploitation actuelle n'est pas totalement interrompue, ce retard pourrait compliquer le développement futur de l'un des principaux actifs de Codelco et maintenir la pression sur les perspectives d'offre mondiale.

First Quantum adds 1,000 jobs as Cobre Panama restart nears

Staff Writer | July 29, 2026 |

First Quantum Minerals has stepped up preparations to restart its Cobre Panama mine by beginning stockpile processing ahead of schedule and adding about 1,000 jobs.

The Canadian miner said formal negotiations with Panama over the future of one of the world’s largest copper mines are drawing closer.

First Quantum commissioned the first of three milling circuits in May, producing its first 3,216 tonnes of copper concentrate from stockpiled ore during the quarter. About 2.1 million tonnes of ore were processed, while the mine’s estimated 38-million-tonne stockpile contains about 70,000 tonnes of recoverable copper, enough to sustain roughly 12 months of processing at current rates.

The company maintained 2026 guidance of 30,000 to 40,000 tonnes of copper from stockpile processing.

“We are encouraged by the progress achieved during the quarter, notably the release of the final audit report and the formation of the inter-institutional ministerial committee to review its findings,” CEO Tristan Pascall said in the second quarter report.

“We remain ready to engage constructively with the Government of Panama to achieve a fair and durable resolution that serves the best interests of the country and its people as well as our stakeholders.”

The developments suggest momentum continues to build toward reopening Cobre Panama after nearly two years of inactivity.


Reports indicate Panama is weighing several partnership structures, including a state-owned mining company that would jointly operate the mine with First Quantum or an arrangement in which the company retains a 60% to 65% stake while the government holds the balance. Another proposal would see the government lease the operation back to First Quantum in exchange for royalties and tax revenue.

Hiring boost

The restart has also translated into a growing workforce as preparations for renewed operations continue.

Direct site employment climbed to about 3,000 by the end of June from roughly 2,350 in early April to support commissioning, maintenance and operations. Pascall told analysts on the company’s conference call the increase represents about 1,000 jobs overall, including returning employees and new hires.

The expansion follows the launch of the company’s Suma tu Talento recruitment campaign, with more than half of new employees coming from communities surrounding the mine and 17% of hires being women.

Road ahead

Cobre Panama has remained idle since late 2023, when Panama’s Supreme Court ruled First Quantum’s 20-year mining contract unconstitutional following widespread environmental and governance protests. The shutdown erased about 4.5% of Panama’s GDP, according to IMF data, removed more than 1% of global copper supply and eliminated about 40% of First Quantum’s revenue.

Since taking office in 2024, President José Raúl Mulino’s administration has authorized sales of stockpiled concentrate, restarted the mine’s power plant and completed an environmental audit that found the operation was 87.7% compliant with its environmental commitments. First Quantum has also suspended its $20 billion arbitration claim against Panama while discussions over the mine’s future continue.

Update almost triples contained metal at Selkirk Copper’s Minto mine

Blair McBride | July 30, 2026

A resource update for Selkirk Copper Mines’ (TSXV: SCMI; US-OTC: SKRKF) Minto project in Yukon more than doubles contained red metal as the First Nation-owned company prepares to release a feasibility study and eventually restart the mine. Shares rose.


The update outlines 47.8 million measured and indicated tonnes grading 0.89% copper, 0.34 gram gold per tonne and 3.2 grams silver for 940 million lb. copper, 530,000 oz. gold and about 4.8 million oz. silver, Selkirk reported Thursday.

Compared with last year’s estimate, contained measured and indicated copper increased 181%, gold 183% and silver 192%, although copper grades declined by roughly one quarter as additional lower-grade tonnes were incorporated into the resource. Minto is about 240 km northwest of Whitehorse.

The measured and indicated increases through Selkirk’s stage one drilling program “demonstrates the significant potential to grow mineable resources within the Minto mine property in a cost-effective and timely manner,” Selkrik CEO M. Colin Joudrie said in a release.
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Cuivre : la production du canadien First Quantum progresse en Zambie à mi-2026

Agence Ecofin 29 juillet 2026

En Zambie, First Quantum Minerals s’impose comme le principal contributeur du secteur cuprifère en termes de production. Ses mines de Kansanshi et Sentinel ont livré à elles seules 370 000 tonnes de cuivre en 2025, soit 41 % des 890 346 tonnes produites à l’échelle nationale.

En Zambie, First Quantum Minerals a produit un total de 184 929 tonnes de cuivre au premier semestre 2026, contre 176 116 tonnes à la même période un an plus tôt. Ce résultat issu du cumul des données opérationnelles publiées mardi 28 juillet par le groupe canadien, s’accompagne du maintien des objectifs de production fixés pour l’ensemble de l’exercice sur ses différentes mines exploitées dans le pays.

Cette progression repose sur les performances de Kansanshi et de Sentinel, les deux actifs cuprifères du groupe en Zambie. À Kansanshi, les volumes ont atteint 89 342 tonnes entre janvier et juin, selon les calculs de l’Agence Ecofin, contre 86 647 tonnes un an plus tôt. La mine de Sentinel s’est également inscrite dans une dynamique haussière, avec une production de 95 587 tonnes, contre 89 469 tonnes au premier semestre 2025.

Dans ce contexte, First Quantum Minerals maintient ses prévisions annuelles allant jusqu’à 205 000 tonnes pour Kansanshi et de 220 000 tonnes pour Sentinel. Si elles sont atteintes, ces cibles porteraient la production zambienne du groupe au-delà des 370 000 tonnes enregistrées en 2025. Pour le reste de l’année, la compagnie prévoit une augmentation continue du débit des usines ainsi que l’amélioration les taux de récupération du minerai sur les deux sites. À Sentinel, une hausse des teneurs est également attendue au second semestre.

La réalisation de ces objectifs revêt une importance particulière pour First Quantum Minerals, dont les opérations zambiennes constituent le principal moteur de son portefeuille d’actifs de cuivre. Elle le sera tout autant pour la Zambie, qui ambitionne de franchir le seuil du million de tonnes produites dès 2026. En 2025, le pays avait livré 890 346 tonnes de cuivre, dont 41 % provenaient des seules mines de First Quantum.