FIRST QUANTUM ANNOUNCES HEIGHTENED QUARANTINE MEASURES AT COBRE PANAMA
April 07 2020 - 6:45AM
First Quantum Minerals Ltd. (“FQM” or the “Company”) (TSX:
FM) announces that it is in receipt of Resolution No.
11622 dated April 6, 2020 issued by the Director General of Health
of the Ministry of Health of the Republic of Panama (“MINSA”)
ordering the temporary suspension of labour activities at its
Panamanian subsidiary Minera Panama, S.A., as a sanitary control
measure due to COVID-19.
The Company has decided to place the Cobre
Panama operation onto care and maintenance until MINSA are
satisfied that the quarantine conditions are appropriate.
“We have been working very closely with MINSA
throughout the current COVID-19 pandemic,” said Gordon White,
General Manager of the Cobre Panama operations. “We respect and
support the Government’s efforts to reduce the impact of the
pandemic in Panama and we will cooperate fully with MINSA.”
The heightened quarantine conditions require
that mining and processing operations be halted. It is expected
that the port and power plant will continue operations in order to
supply essential electrical power into the Panama national grid,
and to sustain the care and maintenance activities.
Cobre Panama is evaluating the reduction of all
operating costs on the site for the expected duration of increased
quarantine, including access to emergency labour code concessions
for suspension of contracts. Temporary care and maintenance is
expected to cost approximately $4-6M per week assuming suspension
of labour contracts and hard turn down of other variable and fixed
costs. The Company will provide revised guidance for Cobre Panama
production in 2020 in due course.
Cobre Panama will continue to support its
employees, their families and the wider community during this
challenging period. “So far we have donated 60 containerized health
clinic modules to the Ministry of Health for use as health posts
and community quarantine facilities, both in the region and
nationally, to assist the protection of those most vulnerable in
our communities. The mine is also donating much needed medical
supplies such as ventilators to the Ministry of Health. We have
also responded to the Government’s request to support families in
need with food and supplies,” added Mr. White.
The Company will continue to provide updates as
necessary.
For further information, visit our website at
www.first-quantum.com
North American contact: Lisa Doddridge,
Director, Investor RelationsTel: (416) 361-6400 Toll-free: 1 (888)
688-6577
UK contact: Clive Newall, PresidentTel: +44 7802
721663 E-Mail: info@fqml.com
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