First Quantum Minerals Eyes Major Milestones for La Granja Copper Project

Canadian mining company First Quantum Minerals anticipates updated drilling results for its La Granja copper project in Peru by late next year, with feasibility studies targeted for completion by 2028. The project, co-owned with Rio Tinto, requires significant investment and faces challenges including community relations and environmental permits.

Canadian mining giant First Quantum Minerals is making strides in its La Granja copper project in Peru, with updated drilling results expected in the second half of next year, according to project development manager Steven Lewis.

Speaking at a mining industry conference, Lewis also highlighted the anticipated completion of feasibility studies by 2028. 'The drilling is progressing well, it's at 35%, and we expect to have the results in the second half of next year,' Lewis said. He confirmed the company's commitment to meet the 2028 deadline for the feasibility studies.

First Quantum acquired a 55% stake in La Granja last year, partnering with Rio Tinto, and pledged to invest up to $546 million. The project's total investment is estimated at $2.4 billion, with the potential to produce 500,000 metric tons of copper annually over a 40-year lifespan.

Despite the promising outlook, First Quantum will navigate challenges such as local community relations, securing environmental permits, and financing. 'La Granja has the potential to be a larger project, but the ultimate focus will depend on several challenges,' Lewis remarked. This comes on the heels of last year's setback when the Panama government shut down the Cobre Panama mine due to environmental protests, impacting 40% of the company's revenue.

(With inputs from agencies.)