-- Deutsche Bank Securities on Thursday maintained its hold rating on the shares of First Quantum Minerals (FM.TO) and its C$40.00 price target after the Panamanian government allowed to company to process stockpiled ores at its shuttered Cobre Panama Project.
"FM announced that it has received approval from the Government of Panama ('GoP') for the removal, processing, and export of stockpiled ore at Cobre Panama ('CP') that was previously extracted before operations were suspended in November 2023. The total stockpile is estimated at ~38 mt of mineralised ore at varying grades and could result in up to ~70 kt of copper production over a 12-month period. It will also help mitigate environmental and operational risks associated with prolonged storage (such as acid rock drainage) and provide feed material to the tailings management facility ('TMF'). While this does not constitute a reopening of the mine, it is a positive development ahead of formal CP mine restart negotiations," the bank noted.
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