Copper miner Cobre Panamá and power generator AES Panamá have signed a long-term contract under which AES will supply firm power and certified renewable energy from solar, wind and hydroelectric sources starting in January 2024.
According to BNamericas, the agreement between AES and Cobre Panamá parent company First Quantum Minerals would cover the need for more power at the firm’s mine in Colón province, providing an additional 64 kW, per Boris Batista, operations superintendent of the Cobre Panamá power plant.
“As a responsible mining company, we recognize our obligation to contribute to the management and mitigation of climate change, and part of our contribution is through a transition to clean energy sources in our operations, including Cobre Panamá,” said First Quantum Minerals Chief Executive Officer Tristan Pascall.
He stressed that the global need to accelerate the transition to cleaner energy would require increased production of minerals and metals such as copper, used in solar panels, wind farms and electric vehicles. “This agreement for the energy transition of our operations is also a logical step to increase the sustainability of our production,” he said.
Miguel Bolinaga, president of AES Panamá, said that “one of the main goals of AES at a global and local level is to lead the energy transition, which is why for us, offering cleaner energy solutions to our clients is a priority.”
The Cobre Panamá mine has a useful life of 34 years after starting commercial operations in 2019.
Both companies said they would take additional steps to reduce carbon emissions at Cobre Panamá, and 30% of the energy used in Cobre Panamá’s operations is expected to come from renewable sources by 2025. First Quantum Minerals added that it plans to reduce carbon emissions from its global operations by 50% by 2030, according to the statement.
AES Panama owns and operates 1,141 MW of power generation facilities in Panama, which includes three hydro plants with total capacity of 705 MW: Bayano, Chiriqui (three powerhouses) and Changuinola.
