The Cobre Panama (formerly known as Petaquilla) copper mine project is in the district of Donoso, 120 km west of Panama City and 20 km from the Caribbean coast. The project aims to mine three porphyry copper-gold-molybdenum deposits using open pit mining and process ore using conventional crush, grind and flotation methods.
According to the 2012 Basic Engineering Report, total initial capex is estimated at US$6,181M included construction of a 300MW on-site coal-fired power plant. Sustaining capital was estimated at US$2,916M. Under First Quantum Minerals, the initial capex estimate was revised up to US$6.4 billion. A revised 2015 technical report has updated capex to include initial capex of US$6.4 billion (as per pervious figure), however an additional US$915 million has been included as expansion capex. This brought the total development and expansion capex to US$7.34 billion (less a provision for reclamation capex).