First Quantum cuts 2020 copper production guidance

First Quantum has cut its 2020 copper production guidance by 75,000 tonnes to 755,000-805,000 tonnes as a result of a reduction in production expectations at Cobre Panama due to the Covid-19 pandemic.

This guidance range is dependent upon the Toronto, Canada-listed company receiving approval from Ministry of Health of the Republic of Panama (MINSA) to commence the restart of operations before or by the end of May. 
Normal production levels would be expected to return in late June 2020 to early July 2020, but a further delay to this timeline would have an impact on the guidance range, the company said. 
Cobre Panama, the only major greenfield project in the copper industry, was placed on care and maintenance on April 7 after MINSA ordered its temporary suspension the previous day. The company had expected Cobre Panama to produce 285,000-310,000 tonnes this year.

The heightened quarantine conditions require that mining and processing operations be halted, but the...

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