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Canadian Mining Giant Bets Big: $3.5 Billion Copper Investment Shakes Up Argentina

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Canadian mining company First Quantum Minerals has initiated significant investments in copper projects in Argentina, a strategic move influenced by the suspension of operations at its Cobre Panamá copper mine last year.

Industry sources reported that First Quantum Minerals unveiled a $3.5 billion investment in the Taca Taca project at the “Argentina Mining 2024” event, which took place on September 5 in Salta, Argentina.

CEO Tristan Pascall revealed that the company has engaged with the Argentine government to initiate the project, with construction expected to begin in 2025.

The Taca Taca project, located 143 miles (230 km) west of Salta, encompasses deposits of copper, gold, and molybdenum and is currently in the advanced exploration phase. As of 2013, potential resources were estimated at around 9.6 million tons of copper, with 3.4 million tons being considered probable. First Quantum acquired full ownership of Taca Taca from Lumina Copper Corporation in 2014 through its subsidiary, Corriente Argentina SA.

This investment is anticipated to generate local employment and contribute to the socio-economic development of the Salta province. The provincial government has contracted the Argentine Geological Mining Agency to provide scientific and technical data for the project’s environmental and social impact assessments, with plans for ongoing oversight and monitoring.

Last November, First Quantum suspended operations at the Cobre Panamá mine due to closure measures imposed by the Panamanian government. As a result, the company is accelerating its development of copper projects in Peru.

Steven Lewis, Project Development Manager, revealed at a mining forum in Lima, Peru, on May 22 that the company’s focus has shifted to Peru following the Panamanian government’s invalidation of the operating contract for Cobre Panamá. This mine’s suspension has prompted First Quantum to pursue the La Granja project, valued at $2.5 billion, and the Haquira project, worth $1.86 billion, in Peru.

In response to the suspension at Cobre Panamá, First Quantum has filed for damages against the Panamanian government, with two arbitration cases currently in progress. Korea Resources Corporation, holding a 10% stake in Minera Panamá, plans to resume negotiations with the new Panamanian administration this month in hopes of reinstating mining operations.

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