The Cobre Panama mine, operated by First Quantum Minerals, has been ranked among the top ten largest mines in the world in terms of tons of mineral extracted, according to the World Energy Tradel report. It is estimated that during the third quarter of 2021, approximately 96.24 million tons of copper, silver, gold, and molybdenum mineral will be extracted from this mine, according to production data reported by the Vancouver-based company. The Cobre Panama mine, owned by Minera Panama, is located in the Costa Abajo de Colon, in the districts of Donoso and Omar Torrijos Herrera. Since its start of operations in 2019, it has contributed 3.5% to the country’s Gross Domestic Product (GDP). Currently, the Cobre Panama mine is in negotiations with the National Government to obtain a new concession contract, despite facing opposition from some environmental and community groups due to government policies promoting open-pit metal mining.
The ten companies listed in the ranking, based on data provided by Miningintelligence, are primarily large or medium-sized mining companies, with eight of them among the top 50 mining companies worldwide. Topping the list is the Escondida copper mine, considered the largest of its kind in the world and owned by BHP, the largest mining company globally. Rio Tinto, the second-largest mining company, holds a 30% stake in the Escondida mine, which has an average daily production of 360,000 tons. According to production figures for the first three quarters, Escondida is projected to extract a total of 130.78 million tons of copper, silver, and gold ore in 2021.
In second place is the Collahuasi mine, a joint venture between Anglo American and Glencore, also located in Chile. It is expected to extract 104.65 million tons of copper, gold, and silver ore from this mine this year, representing a significant increase compared to the 71.9 million tons extracted in 2020.
The Buenavista mine of Southern Copper in Mexico, the world’s leading silver producer, ranks fourth in the ranking. According to the report, Southern Copper has invested approximately $1 billion in expanding its flagship mine, which produces copper, molybdenum, zinc, and silver. In fifth place is the Las Bambas mine of MMG in Peru, with an estimated 65.26 million tons of copper, silver, gold, and molybdenum ore for 2021. However, this mine has faced opposition from the community, with residents blocking a key transportation route, although the blockade was agreed to be lifted after a public meeting with Prime Minister Mirtha Vásquez.
The Sentinel mine, owned by First Quantum Minerals and located in Zambia, ranks sixth in terms of copper and nickel extraction. According to the report, the company has shelved its plans to sell a stake in its copper mines in Zambia, and Sentinel is expected to extract 56.69 million tons of ore this year. The Aktogay mine, owned by Kaz Minerals, ranks seventh, with a projected extraction of 53.6 million tons of copper, silver, gold, and molybdenum ore. In eighth place is the Paracatu mine of Kinross Gold in Brazil, with a forecasted extraction of 52.46 million tons of ore this year.
The Antamina mine in Peru, operated by BHP and Glencore, ranks ninth with a figure very close to 52.45 million tons of copper, lead, zinc, molybdenum, and silver ore extracted. Finally, in the tenth place is the Los Bronces mine of Anglo American in Chile, with a forecasted extraction of 43.64 million tons of copper and molybdenum ore in 2021.
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